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Binance prepares to open its headquarters, and its crisis in Nigeria deepens

Soon we will stop wondering about the headquarters of the leading cryptocurrency exchange Binance. Although we all know that the main managers of the exchange carry out their work from Dubai, the current administrative headquarters of the world's largest cryptocurrency exchange will finally become clear. Meanwhile, his situation in Nigeria is deteriorating.

Binance Exchange prepares to announce its headquarters

Binance exchange CEO Richard Teng said the exchange would stop being evasive on the issue of its headquarters, confirming that it was ready to finally announce a location for it. Teng appears to be trying harder than his predecessor to appease regulators.

In the past, Changping Zhao, the former CEO, evaded the issue of stock exchange headquarters whenever the issue of stock exchange headquarters came up and often used the decentralization argument in his evasions. When he claimed Binance was everywhere. But the siege imposed by regulators on the stock exchange convinced the new managers of the need to think about a precise location of the company.

👈Read more: 4 Alternative Digital Currency Platforms to Binance You Should Know About

According to what Richard Teng said During Paris Blockchain Week, the leading exchange is leading discussions with several regulators and other key players in specific jurisdictions. No names have been released yet, but Teng's statements show that the company is finally ready to set up shop in a specific location.

It is especially important that Binance continues to show its credentials. Locating its headquarters allows it to restore its image, in the United States and in other regions.

Dispute between world's largest cryptocurrency exchange and Nigerian regulators deepens

As Binance attempts to choose a headquarters that will allow it to organize its affairs and reconcile with regulators, it is instead facing criminal cases in Nigeria, where one of the exchange's employees is behind bars. In fact, Nigeria is not the only country facing this problem Cryptocurrency exchange In the world of legal complaints!

Last February, Tigran Gambaryan and Nadeem Angarwala, two Binance personalities, were arrested in Nigeria. Nigerian authorities brought serious charges against them, including money laundering and manipulating the exchange rate of the naira, the national currency.

👈Read more: A Binance executive dramatically escapes from detention in Nigeria!

The case took a more dramatic turn with Nadeem Angarwala's stunning escape in March. The latter, under the pretext of going to the mosque to pray, took the opportunity to escape his guards. Then, thanks to a passport unknown to the authorities, he was able to leave Nigeria for an unknown destination.

Faced with the serious accusations brought against Gambarian Angarwala, Binance quickly took a stand. The Exchange confirmed in a statement published on its official website that Gambarian, as head of financial crime compliance, does not have any decision-making powers that could directly involve him in the business operations involved in the crime at Nigeria. Then, at a hearing in the Federal Supreme Court, Gambarian pleaded not guilty to money laundering charges. Use the stock market's own arguments.

However, the judge interpreted the situation differently, finding that Gambarian and Angarwala's prior interactions with Nigerian officials as representatives of Binance made them responsible for the company's actions in the eyes of local law.

Finally, tensions between Binance and Nigeria have also highlighted broader economic and regulatory concerns. Nigerian authorities accuse Binance Exchange of contributing to the instability of the local currency, which has exacerbated the country's economic challenges. In response, a presidential advisor proposed a total ban on cryptocurrency trading in Nigeria.

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