The CEO of Binance, Richard Teng, has once again appealed to the Nigerian government to release a detained Binance executive. Teng strongly refuted Nigeria’s justification for the executive’s detention, labeling the accusations as false. He also criticized the Nigerian government’s assertion that Binance is a major contributor to the nation’s economic struggles, specifically the depreciation of the Nigerian naira. Teng argued that Binance is not responsible for Nigeria’s economic challenges and that the country’s unfavorable policies are instead harming its economy.
Concerns Over the Health of Detained Executive
Teng expressed deep concern about the health of the detained Binance official, Tigran, accusing the Nigerian authorities of denying him basic medical care. He highlighted that Tigran has not been provided with a wheelchair, access to legal counsel, or the opportunity to meet with a representative from the U.S. consulate. Teng condemned these actions as unconstitutional, pointing to a broader disregard for the rule of law in Nigeria. He further noted that the Nigerian government has failed to present Tigran’s medical records, despite a court order to do so, which he described as another example of the country’s lawlessness.
Teng’s statement emphasized the deteriorating physical and mental health of Tigran, stating, “We are now at the six-month mark of Tigran’s unjust detention. Tigran’s physical and mental conditions have deteriorated rapidly with his situation being more dire than ever. He is in severe pain and unable to walk due to a herniated disc. Despite his conditions, the Nigerian government has refused adequate medical care, including basic needs such as providing access to a wheelchair.”
Appeal to the U.S. and International Community
Richard Teng called on the United States and the international community to intervene on behalf of the detained U.S. citizen. He urged the U.S. administration and legislators to designate Tigran as one of its “unlawfully detained” citizens overseas, citing substantial reasons to do so. Teng emphasized the urgency of this intervention to prevent further harm to Tigran’s physical and mental health, which he argued has already been significantly compromised by his detention in Nigeria.
Rebuttal of Nigeria’s Claims Against Binance
Teng also refuted several of Nigeria’s assertions regarding Binance, describing them as baseless and suggesting that the executive’s detention might be motivated by ulterior motives. He specifically debunked Nigeria’s claim that the government is detaining the executive because Binance operates virtually, leaving the defendant as the only tangible asset they could hold onto. Teng pointed out that Binance has settled issues with governments in countries like the United States, Thailand, Brazil, and India “in a reasonable, collaborative, and amicable manner” without harming any of its employees.
The Nigerian Naira and Economic Mismanagement
In response to claims that Binance contributed to the decline of the Nigerian naira, Teng argued that the naira’s depreciation is due to broader macroeconomic factors, not Binance’s activities in Nigeria. He pointed out that the naira has continued to fall even after Nigeria’s crackdown on Binance. He cited the end of the naira’s currency peg by the Nigerian government in June 2023 as a critical moment, leading to the steepest fall in the currency’s history.
Teng explained, “The end of the Naira’s currency peg by the Government in June 2023 caused the biggest fall in Naira’s history according to experts. It went from USD1: 460 in June 2023 to USD1: 900 by the end of 2023. The downward trend continued since. The Naira traded at a recent low of USD1: 1,660 on 31 July 2024, representing a 50% decline from the start of 2024.”
Call for a Peaceful Resolution
In his concluding remarks, Teng advised the Nigerian government to resolve the dispute with Binance peacefully and to allow Tigran to return to the U.S. on humanitarian grounds to receive necessary medical treatment. He suggested that resolving these issues would help facilitate more foreign investment in Nigeria, a country currently seeking international investments. Teng expressed hope that once the situation is resolved, Binance could work with the Nigerian government to support the development of the Web3 industry, create more opportunities for Nigeria’s young and talented workforce, and attract more foreign direct investment into the country.
