Binance, a leading global cryptocurrency exchange, finds itself in a challenging predicament in Nigeria, dealing with the prolonged detention of its executive, Tigran Gambaryan.

Gambaryan has been held for five weeks on money laundering charges, with the situation showing no signs of an imminent resolution.

In response to these developments, Binance has publicly addressed the matter, issuing an official statement concerning the charges and the continued custody of their executive.

As the Nigerian government levies supplementary charges against the exchange, the situation for Binance in Nigeria becomes increasingly complicated, amplifying concerns within the cryptocurrency community and beyond.