Tigran Gambaryan, a United States based executive, is being detained and it causes a lot of problems for Binance. Binance is a global crypto currency exchange that is already dealing with a lot of challenges. Binance has been working in Nigeria after several people blamed them for helping crash the fiat currency in Nigeria. Nigeria has even threatened the ban of platforms like Binance as they pose a threat to the economy. Two representatives came to Nigeria as a response to the threat, however one of them was detained and has not been released by Nigeria yet. The other representative was able to escape using a fake passport.
Nigeria is one of Africa’s biggest crypto economies, and therefore they want to ensure that nothing will go wrong. They have already faced a market crash and want to prevent another one. However, that does not mean that holding somebody captive is the right way to deal with the situation. But that shows how important it is to Nigeria and how much they want to make sure the economy is strong and safe. The threat of Binance laundering money and funding terrorist groups poses a grave threat to Nigeria, so that is why they are taking drastic measures to protect their country.
This relates to class because it is dealing with how countries support their economy and how they evaluate threats. The idea of a powerful crypto exchange funding terrorists groups is a huge threat to Nigeria and the surrounding nations. So they must figure out what is the best way to defend against this threat and ensure safety in the region. And since Nigeria is Africas biggest crypto economy, they want to make sure that they have a stable economy to support themselves and the surrounding countries. A lot of countries are counting on Nigeria to take control of this situation.