US Representatives Demand Release of Imprisoned Binance Executive in Nigeria

US Representatives Demand Release of Imprisoned Binance Executive in Nigeria

U.S. Representatives Rich McCormick (R-GA) and French Hill (R-AR) have introduced a resolution in the House urging the Nigerian government to immediately release U.S. citizen Tigran Gambaryan, a Binance executive currently detained and facing trial in Nigeria. The move highlights growing international concern over Gambaryan's detention and the broader issue of crypto regulation in Nigeria. The resolution demands that the U.S. government use all available resources to secure Gambaryan's release and urges the Nigerian government to address and resolve the matter expediently. It also emphasizes the importance of unimpeded consular access for Gambaryan, as required by international law, and guarantees his right to appropriate medical care without restriction. This development comes amid ongoing discussions about the regulatory landscape for cryptocurrency in Nigeria. The Central Bank of Nigeria (CBN) has taken a cautious approach, issuing warnings about the risks associated with cryptocurrencies and restricting banks from facilitating crypto transactions. However, the CBN has also acknowledged the potential benefits of blockchain technology and is exploring the possibility of a central bank digital currency (CBDC).