Binance continues to defend its heft as the largest crypto trading platform by trading volume metrics globally. As the exchange turns seven, reports indicate that its Bitcoin (BTC) holdings continue to grow.

Centralized exchanges such as Binance and Coinbase facilitate the buying, selling, and trading of cryptocurrencies, acting as intermediaries between buyers and sellers.

CryptoQuant founder and CEO Ki Young Ju reports that Binance Exchanges Bitcoin holdings have increased by 10% since early 2024. The opposite happened for other exchanges, whose BTC holdings plummeted by 8%.

Read More: Binance Review 2024: Is It the Right Crypto Exchange for You?

The report comes as Binance announced its seventh anniversary on Wednesday with a new limited-time referral promotion. Eligible users will share up to 700 BNB in token vouchers.

When the user (referrer) successfully invites a new Binance user, the referrer will receive a 0.01 BNB token voucher and the new user will receive a 0.005 BNB token voucher.

Despite these milestones, Binance recently faced regulatory woes with authorities from different jurisdictions. For instance, the US Securities and Exchange Commission (SEC), among others, clamped down against the trading platform for allegedly artificially inflating trading volumes.

Through thirteen charges, we allege that Binance CEO Changpeng Zhao and Binance entities engaged in an extensive web of deception. Conflicts of interest, lack of disclosure, and calculated evasion of the law are some of the other crimes, SEC Chair Gary Gensler wrote.

The financial regulator also called Binance out for diverting customer funds and failing to restrict US customers from its platform. It reportedly also misled investors about its market surveillance controls.Meanwhile, others cited violations, including enabling the trading of crypto tokens deemed securities.

Conversely, Coinbase, the largest US-based crypto exchange on trading volume metrics, is among exchanges whose Bitcoin holdings have dwindled. This is particularly interesting given that Coinbase has a competitive edge by being the custodian for most spot Bitcoin ETF (exchange-traded funds) issuers in the US. However, Tolou Capital Management founder Spencer Hakimian says Coinbases role among ETF issuers could be the problem.

Many ETFs within the US likely hurting Coinbases target market. Less so for Binance, Hakimian wrote.

Read More: Coinbase Review 2024: The Best Crypto Exchange for Beginners?

The advent of spot ETFs in the US solidified Coinbases case, with its CEO Brian Armstrongtrumpeting the exchange. Lawyer John E. Deaton,a prominent XRP advocate, echoed Armstrong. He acknowledged that Coinbase will be a big winner as the exchange stood at the center of the ETF campaign.

Coinbase will be a big winner. I expect to see BlackRock and Vanguard buy more. By the way, 90% of Gary Genslers $120 million fortune is with Vanguard, Deaton remarked.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.

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Binance Marks Its Seventh Anniversary with 10% Bitcoin Holdings Growth - BeInCrypto

XRP is starting to recover after bouncing off $0.405 on July 5, suggesting the early stages of a rebound may be brewing. The crypto market has been volatile lately, and XRP hasnt been spared. The cryptos price took a dip recently, dropping below $0.40 for the first time in over a year. It is interesting to note that on-chain data suggests that some whales may be accumulating in anticipation of a major comeback, which may even be responsible for the bounce off of $0.40.

Various on-chain data has shown large XRP transactions in the past few weeks to and from exchanges, suggesting some whales might be taking advantage of the dip to accumulate more tokens. Particularly, recent transaction alerts from Whale Alerts on social media platform X noted a recent transfer of 52.1 million XRP tokens worth $22.7 million from crypto exchange Binance into an unknown wallet.

The details of this $22 million XRP transaction are pretty fascinating and transfers like this are worth paying attention to as they can either increase or decrease buying and selling pressure. In this case, the movement away from Binance suggests a decrease in selling pressure on the exchange.

Interestingly, on-chain data shows that this wasnt an isolated transaction. Data shows a similar transaction occurred over the weekend, which saw the movement of 31.9 million XRP tokens from Binance into an unknown wallet. At the time of transfer, these tokens were worth $14.22 million.Furthermore, the blockchain analytics engine Blockchainalso revealed the transfer of 10 million XRP tokens worth $4.2 million from Binance into another unknown wallet.

At the time of writing, XRP is trading at $0.434. If the bulls regain control, the first minor resistance is at $0.45 and the next key resistance level to watch is around $0.50. Punching through that could open the floodgates for a rally towards $0.70 or even the $0.80 mark.

To fuel that kind of upside, XRP would need to see a surge in trading volume and buying pressure from both retail and institutional investors. Positive news from Ripples ongoing legal battle with the SEC could be a major catalyst. An outright win or settlement would remove a huge cloud of uncertainty hanging over XRP.

On the flip side, if the bears maintain their grip, the first support level to watch is around $0.40. This is because XRP recently bounced off $0.40 after an intense selloff last week. A break below that could see XRP tumble towards another support at $0.3750.

Featured image created with Dall.E, chart from Tradingview.com

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Crypto Whales Buy The Dip As $22 Million In XRP Flows Out Of Binance - NewsBTC

Last weeks market analysis revealed that exchange tokens, particularly Binance Coin (BNB), have been quite volatile for the last 24 hours, though they have been bearish. Todays price of BNB is $521, which is 2.66% down from the last 7 days chart pattern. The market capitalization is also failing to catch up along with other top crypto tokens. Yet, trading volume shows a good amount of activity while the price is low. In these movements, traders wait to enter longs, hoping for a bounce back to the up trendline. On the same note, while 5thScape is building up anticipation, it offers its forecast of growing beyond $0.5 to help light up the crypto space.

The 5thScape project is all about exciting VR entertainment experiences. It has an all-in-one library of VR games, VR movies, learning materials, and so much more that is yet to be added to the platform. It is built on a secure Ethereum-based blockchain, which is secure and transparent for all the 5thScape users.

The projects development team constantly updates its VR content options and is working on adding augmented reality (AR) features to its platform. Its gaming content zone recently got a new addition with Cage of Conquest, an MMA fighter game now available on the MetaQuest platform.

>>Click Here To Visit 5thScape Presale Page

Thrust Hunter, Archery Master, and Epic Cricket Arena are some of its other games that will launch on the platform in the coming months as the platform grows. This will attract a ton of gamers to the 5thScape platform who want to experience immersive gaming through VR technology.

More than 41,000 people, including crypto investors and passionate online gamers, have already joined the 5thScape community through their official Telegram Channel and X platform handle.

The 5SCAPE native utility token of the 5thScape platform allows users to access any VR content of their choice. This utility token brings you hundreds of VR experiences at your fingertips with ease. It can also be used to purchase in-game content and upgrades present on the 5thScape librarys games. Aside from this, the 5SCAPE token can also be locked up to receive staking rewards with up to 365% APY.

5SCAPE truly serves multiple utilities. However, its main job is to give users access to 5thScapes growing VR content library. This ties the 5SCAPE tokens value directly to the growing VR sector. As VR technology increases its user base on a global scale, it is creating a strong need for high-quality VR-compatible content that can be easily accessed by new users. The 5thScape platform solves this exact problem while making its VR experiences easy to access through the 5SCAPE token.

Currently, investors and entertainment buffs can purchase the 5SCAPE token at an affordable price before the project officially gets listed on top crypto exchange platforms. Its price will grow exponentially after its official market debut. As of now, the tokens price is increasing by 15% after each presale round, and the demand for 5thScapes VR suite is already high. The presale has managed to touch nearly $7 million in its 6th stage, with 6 more rounds to go. The 5SCAPE token will have a $50 million market capitalization after its listing, making 5thScape the crowned leader in the virtual reality crypto space.

Those who are planning to buy the 5SCAPE token at its current presale round can expect to receive up to 200% profits after the completion of the presale. Also, investing in the 5SCAPE token will make them eligible to get a free lifetime membership to the 5thScape VR content library and a 50% discount coupon for 5thScapes physical VR accessories. This offer is applicable on any investment amount above $500.

Binance Coin (BNB), the native crypto coin of the Binance crypto exchange platform, is an evergreen investment option, as it should be. Binance is the worlds largest and every crypto investors favorite crypto trading and investment platform, and BNB is its lifeblood token. The token faced market volatility in the first week of July. However, this could have presented a great chance for investors to buy this token during the dip. Since BNB is in the 4th place on the list of crypto tokens due to its market capitalization, it is a worthy investment and can easily battle any market volatility.

The 5thScape project is also in a perfect position for a profitable investment right now, with its early presale success and strong confidence in the project by the crypto investors. VR technology will continue to grow until it becomes a household staple. 5thScape, having its significant market edge as the only platform to offer such a diverse VR experience, has the potential to keep its growth momentum growing.

Early investors of the project will benefit the most from the 5thScape platforms growth trajectory. So, dont miss on its presale offer and add 5SCAPE tokens to your crypto portfolio now. Investors can use their existing BNB token holdings to purchase 5SCAPE tokens. Other key crypto tokens that can be used for an exchange are MATIC and ETH.

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Binance Coin Price Prediction: Grab the Dip Now Before Prices Bounce! 5thScape Set to Soar Past $0.5! - Coinfomania

Bitcoin is moving sideways at press time, absorbing the wave of selling over the last week. Even though there are some optimists, the candlestick arrangement in the daily chart points to weakness.

This preview, at least from a technical angle, remains as long as prices trend below the round number of $60,000 and the liquidation level at around $66,000.

Binance Bought The Bitcoin Dip

Amid the recovery, one analyst, pointing to interesting on-chain data, observed that when prices fell last week, some unnamed exchanges were loading up the dip. It is now emerging that Binance, the worlds largest exchange by client count, was actively accumulating.

CryptoQuant data shows that Binance increased its reserves by 41,000 BTC over the last bear run when prices corrected from $72,000. Buying on dips is strategic, considering the exchanges obligation, especially for users seeking to convert other tokens for BTC on the fly instantaneously.

During this time, Ki Young Ju also noted that permanent holders, entities who tend to HODL and not move coins, have been accumulating. These addresses, excluding spot Bitcoin exchange-traded fund (ETF) issuers, exchanges like Binance and Coinbase, or miners, added 85,000 BTC in the last month. During this time, spot Bitcoin ETF issuers decreased their holding by 16,000 BTC.www.tradingview.com/x/3udoSZwJ

While some entities were scrambling for the exits, others saw this as an opportunity to double down, loading on every retracement. Their involvement has helped stabilize prices, improving sentiment shredded after last weeks dump to as low as $53,500.

German Government Offloading More BTC

Even as the diamond hands buy the dip, the German government is not stopping; looking at Arkham Intelligence data. Today, on July 11, they moved another 3,250 BTC, on top of the 5,627 sent earlier, to multiple market makers and exchanges, including Bitstamp.

Their decision to sell is heaping more pressure on the coin, slowing down the uptrend. Even amid sustained outflows from the German government, a Coingecko survey shows that most respondents, especially investors, are upbeat.

Meanwhile, traders and speculators have mixed sentiments. While 39% of traders are upbeat, expecting prices to recover, another 33.5% of those surveyed are bearish. Most speculators, or 42.4% of those surveyed, are bearish, expecting prices to continue tanking.

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Binance Bought A Whooping 41,000 BTC During The Dip: Did They Save The Bitcoin Market? - TradingView

LUNC News: Terra Luna Classic community gets a major contribution from the worlds largest crypto exchange Binance in LUNC burn campaign to reduce the supply. However, a post by a community associate at the crypto exchange sparked a buzz in the community indicating that the exchange also assists in the USTC revival plan.

A cryptic post on the X platform by Binance community associate Diana began a narrative that crypto exchange

is reportedly helping the Terra Luna Classic community in the USTC revival.

The post was shared by Mr Diamondhandz1, a popular community member and owner of LuncLive validator. He said the exchange is likely assisting the community in the USTC revival plan in addition to Binances monthly LUNC burn mechanism.

Binance has burned over 62 billion LUNC, accounting for 49% of the total tokens burned by the community. As per data, the community has burned more than 126 billion tokens. With USTC repeg plan in limbo, the community now depends upon Terraform Labs to burn USTC in their wallets and Luna Foundation Guard wallets.

Notably, Binance is also a holder of Terra Luna Classic ecosystem tokens. Former CEO Changpeng Zhao disclosed that the company invested $3 million in Terra (now Terra Luna Classic) and never moved or sold LUNC holdings.

Also Read: Terra Classic Staking Nears ATH As Dev Reveals Update, LUNC OI Rises

LUNC price jumped over 1% in the past 24 hours, with the price currently trading at $0.00007192. It pares earlier gains and failed to surpass the $0.000072 level, but the community remained upbeat about a massive upside momentum as the crypto market recovers.

The 24-hour low and high are $0.00007012 and $0.0000729, respectively. Meanwhile, trading volume decreased by 22%, indicating a lack of interest among traders.

Meanwhile, USTC price climbed by 0.50%, with the price now trading at $0.01608. The 24-hour low and high are $0.01579 and $0.01636, respectively. Trading volumes saw a 41% decline in the last 24 hours as traders remain uninterested amid uncertainties in the crypto market.

Also Read: Coinbase Ventures Buys 4.7 Million Tokens Of This Project Nansen

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LUNC News: Binance Reportedly Assisting Terra Classic Community With USTC Revival - CoinGape

The Cryptocurrency Market: Mixed Signals and Emerging Opportunities

The cryptocurrency market has been experiencing mixed signals in recent times. Similarly, Binance Coin (BNB) and Polkadot (DOT) are witnessing price declines potentially triggered by broader political uncertainties. Conversely, analysts are voicing optimism for Clandeno (CLD), a project currently conducting its Initial Coin Offering (ICO) which is garnering investors attention because of its promising decentralized e-commerce offering. Lets find out more.

Throughout this bull run, the Binance Coin (BNB) price has seen significant swings as buyers and sellers compete for dominance. For nearly the whole of last month, Binance Coin (BNB) fluctuated between $460 and $635. Moreover, the Binance Coin (BNB) price chart reveals that the coin dropped by over 10% after retesting the $600 zone after attaining an ATH.

Given that the bears were able to breach the $560 and $550 levels, Binance Coin (BNB) successfully dropped below $500 before beginning to reverse. If the market sustains a rebound, it could indicate strong demand, even at reduced prices. But to indicate that the correction is complete, bulls will need to push Binance Coin (BNB) above the $560 and $600 thresholds. Meanwhile, Binance Coin (BNB) investors are looking for reliable alternatives to diversify and Clandeno (CLD) makes the cut.

Funding for a game development project inside the Polkadot (DOT) ecosystem, Dot Play, has come from the Decentralized Futures Grant. Sponsored by the Web3 Foundation, this major project seeks to revolutionize the gaming sector using Polkadots (DOT) natural technological development to produce a complete gaming platform for game developers on Polkadot.

Dot Play will concentrate on the hottest game types and provide the required tools needed for developers to include their games on the Blockchain, with the main goal of building a gaming hub inside the Polkadot (DOT) ecosystem. They will also provide sustainable business development help so these games flourish over time. Amid this development, the revolutionary concept of Clandeno (CLD) in the e-commerce sector is also drawing in Pokadots investors.

Clandeno (CLD) is revolutionizing e-commerce with a creative distributed system that lets users buy and sell safely and transparently, thus eliminating the need for middlemen. Imagine a market where consumers have total control over their transactions free from outrageous fees and limited rules. Clandeno (CLD) is rendering this vision to life.

Meanwhile, both Binance Coin (BNB) and Polkadot (DOT) investors find the Clandeno (CLD) project promising, hence making moves to secure their slots in the presale. Moreover, being a presale participant will provide you with special advantages as well as the chance to help create a more democratic and inclusive global economy. Now is a perfect time to guarantee your place in the Clandeno (CLD) presale.

To find out more about the Clandeno presale, visit their website here

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Binance Coin (BNB) and Polkadot (DOT) Drop as Political Uncertainty Grows, While Analysts Tip Clandeno (CLD) for Explosive Growth; Initial Coin...

In a remarkable turn of events, Binance Coin (BNB) has performed exceptionally well despite the legal hurdles faced by its parent company, Binance, and the recent resignation of its CEO. Binance Coin defied market trends to reach a new all-time high of $720.

Following this peak, BNB experienced a sharp decline, triggered by a bearish market sentiment and a significant drop in Bitcoins (BTC) value, which plummeted from $71,000 to $53,700. This downward trend affected the entire cryptocurrency market, causing widespread losses among altcoins.

However, the market sentiment has shifted from bearish to bullish. Bitcoin has begun its recovery, bouncing back strongly from its recent low, and this positive momentum is propelling altcoins, including BNB, to recover from their losses. BNB hit a recent low of $456 but is now on a recovery trajectory, poised for a significant upward climb.

At the time of writing, Binance Coin is trading at $518.35, with a 24-hour trading volume of $2.22 billion and a market cap of $76.50 billion. The Binance Coin price has increased by 1.33% in the last 24 hours, reflecting renewed investor confidence and market optimism.

Crypto analyst Crypto Yapper has shared an optimistic outlook on Binance Coins (BNB) price trajectory. Despite exiting its ascending channel, Binance Coin continues to maintain an upward trend. This resilience highlights the strong support the coin has found at the $495 level, a critical zone it has successfully reclaimed and is now trading above.

The significance of this support zone cannot be understated. The strong demand around this price point suggests a potential for significant gains, with Crypto Yapper projecting that BNB could surge to the $650-$850 range. This optimistic forecast aligns with market sentiments that view BNBs current position as a springboard for future growth.

Supporting this bullish outlook, Changellys latest Binance Coin price forecast predicts a 10.93% increase in value, potentially reaching $551.62 by July 09, 2024.

This projection is backed by Changellys technical indicators, which reveal a mixed yet cautiously optimistic market sentiment. Precisely, there is a 29% bullish outlook for BNB, although the Fear & Greed Index shows a score of 29, indicating prevailing market fear.

Related Reading | Solana Correction Nears Completion: Analyst Recommends DCA Strategy

Excerpt from:

Binance Coin (BNB) On The Recovery: Analyst Eyes $650 To $850 Range - TronWeekly

The potential for cryptocurrency to amass shrewd investors up to 100-1000x in pure profit is well established. As the most explosively lucrative asset class of 2024, new investors in the market routinely seek out gems that have monumental potential for rapid growth. Binance Coin (BNB) and Immutable X are two well-known cryptocurrencies that could exponentially rise in the upcoming months. However, investors looking for life-changing opportunities should instead gravitate towards the trendiest crypto sector in July: play-to-earn GameFi tokens.

Rollblock, the leading play-to-earn GameFi crypto, is emerging as a leading investment opportunity for 2024. The project boasts a comprehensive casino platform on the Ethereum blockchain, merging decentralized and centralized gaming experiences. With increasing interest and momentum, analysts anticipate that Rollblock could surge over 50% in the upcoming weeks.

Though Binance Coin boasts a massive market cap of $76 billion, a crypto analyst predicts that BNB could rise to $1000 in the future, roughly double Binance Coins current price.

As the bull cycle picks up steam, Binance Coin is likely to soar as the Binance exchange onboards new users.

Though Binance Coin recently experienced a minor crash, diminishing to $515 in July, this is considered standard volatility for Binance Coin provided the state of the market. According to experts BNB should recover in the next few weeks.

Loitering around $0.5-3 for the last 12 months, Immutable X has struggled since 2021.Though existing within the gaming sector, Immutable X is struggling to regain hype, with new investors seeking shiner gems instead of Immutable X.

Despite this, some crypto analysts are predicting a mini-resurgence for Immutable X for the imminent bull cycle. That being said, all gaming coins including Immutable X are expected to rally simultaneously in 2024-2025. As a result, Immutable X could see a recovery in Q3.

Rollblock, a novel Play-to-Earn GambleFi token, aims to bridge the gap between centralized and decentralized gambling ecosystems. Emphasizing transparency and trust, Rollblock utilizes blockchain technology to secure transactions, ensuring they are both traceable and immutable, thus significantly enhancing security.

Rollblock excels in accessibility, allowing users to engage with the platform without the typical barriers of online casinos. By eliminating the KYC process, Rollblock enables players to join quickly by connecting their cryptocurrency wallet or signing up with an email, thereby lowering entry barriers and attracting a wider audience.

Rollblocks innovative revenue-sharing model rewards its token holders and fosters long-term engagement. Each week, up to 30% of the platforms profits are allocated to RBLK holders. Half of this revenue is used to buy back tokens from the open market, reducing supply and increasing scarcity, which can boost the tokens value. The remaining half is distributed to RBLK stakers, providing additional rewards for their commitment. This model incentivizes holding and staking RBLK tokens, ensuring the tokens value appreciates over time.

Continuous buybacks and token burns create a deflationary effect, enhancing investor confidence, supporting price stability, and aligning the platforms financial success with community rewards. This strategic approach makes Rollblock an appealing investment choice.

Rollblock is also integrating sports betting into its platform, adding a new dimension to its extensive catalog of over 150 classic and new blockchain-based gaming titles. This strategic expansion aims to tap into the booming sports betting market, attracting more users to the platform. This move is expected to see a surge of new users to the platform, increasing its overall value in the process.

Currently, in stage 3 of the presale, Rollblock is trading at $0.0154. With a fixed supply of 1 billion RBLK and 60% reserved for the presale, analysts predict an over 800% rise in value before the presale concludes. Experts foresee potential 50x returns in 2024, potentially catapulting RBLK into the worlds top 100 cryptocurrencies as the worlds pioneering GameFi crypto for the upcoming bull cycle.

Discover the Exciting Opportunities of the Rollblock (RBLK) Presale Today!

Website: https://presale.rollblock.io/

Socials: https://linktr.ee/rollblockcasino

Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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BNB Price Prediction: Binance Coin To Break $1000 In 2024, Immutable (IMX) Holders Hedge Uncertainty With This Crypto As It Surges Over 50% - NewsBTC

The leading crypto exchange, Binance, is making headlines with its plan to sell its stake in the South Korean crypto exchange GOPAX. According to a recent report, the exchange aims to sell its 72.6% stake in GOPAX to MegaZone, the parent company of MegaZone Cloud. Notably, this move comes as part of the exchanges effort to restructure its governance to meet regulatory requirements.

Binance, one of the top crypto exchanges, is negotiating the sale of its GOPAX shares to MegaZone, significantly reducing its stake to around 10%. Notably, this decision is driven by the need to comply with the Financial Services Commissions request to change the largest shareholder and improve governance.

Meanwhile, the crypto exchanges acquisition of a 72.26% stake in GOPAX last year faced delays in approval from financial authorities, necessitating this strategic move. An industry insider commented, Binance is pushing for the sale to improve its governance structure as requested by financial authorities to process a change report ahead of the renewal of its real-name account contract with Jeonbuk Bank in August, the translated version of the report showed.

Meanwhile, the financial authorities have withheld a decision on the exchanges report for over a year, prompting this sale to facilitate regulatory approval. Last year, BF Labs, a domestic KOSDAQ-listed company, acquired an 8.55% stake in Streami, GOPAXs operator, becoming the second-largest shareholder.

However, their attempt to increase their stake further failed due to funding issues. Now, MegaZone emerges as a potential key player in resolving its regulatory challenges.

Also Read: Coinbase Ventures Buys 4.7 Million Tokens Of This Project

The sale of GOPAX shares is crucial for Binance and GOPAX to maintain their status as a won exchange. The real-name account renewal contract with Jeonbuk Bank, due on August 11, requires the exchange to restructure its governance and secure financial authorities approval. GOPAXs current state of complete capital erosion adds urgency to this situation.

Meanwhile, the crypto exchange had agreed to pay off GOPAXs 56 billion won debt incurred from FTXs bankruptcy in 2022, conditional on regulatory approval for its entry. However, the authorities, have not accepted the report for over a year, and the inflow of funds has been delayed.

With Bitcoin prices rising, GOPAXs debt has doubled to 118.4 billion won as of April this year. Meanwhile, the report cited a MegaZone official stating:

We are discussing various forms of collaboration, including equity acquisition, subject to government approval.

The discussions are ongoing, and the specifics of the process and timing remain undecided. Meanwhile, this sale represents a significant move for Binance as it navigates regulatory landscapes and seeks to solidify its position in the South Korean market.

Also Read: John Deaton Vows To Expose Senate Warrens Hypocrisy On Anti-Crypto Bill

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Just-In: Binance Plans Selling Its GOPAX Stakes To MegaZone - CoinGape

Rep. Rich McCormick has urged the US government to declare Binance executive Tigran Gambaryan a hostage if he is not released from the Nigerian government by mid-July. Nigerian courts take a recess until September from mid-July, which will leave Gambaryan locked up for longer than anticipated if his case does not conclude in a few days. He has remained arrested in Nigerias infamous Kuje Prison since February.

In a resolution brought to the House Committee on Foreign Affairs, Rep McCormick urged the US government to utilize all resources available to secure the release of Tigran Gambaryan, and to raise the case of Tigran and press for his immediate release in all interactions with the Government of Nigeria.

McCormicks concerns now revolve around Gambaryans extended stay if not released before mid-July, which seems highly likely. If Tigrans case is not resolved by mid-July, he may remain in detention for an even longer undue period of time, he expressed in the resolution.

It also stated that the Nigerian government is wrongfully detaining Tigran Gambaryan in order to extort Binance. Gambaryans troubles began when he visited Nigeria for the second time this year in February upon invitation from the government to settle its issues with Binance revolving around money laundering and tax evasion. The negotiations turned hostile, leading to his detainment alongside another Binance executive, Nadeem Anjarwalla.

Anjarwalla managed to escape prison and Nigeria. Gambaryan was left behind and remains in Kuje Prison amidst members of the terrorist outfit Boko Haram and other notorious criminals. His health has spiraled in prisonhe contracted malaria and double pneumonia. Rep. French Hill and Rep. Chrissy Houlahan visited Gambaryan in the Nigerian prison and stated that he was suffering.

Officials at Kuje Prison have refused to release his medical records to his lawyers or family despite the court asking them to do so.

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US Representative Asks Government to Classify Binance Executive as Hostage If Not Released by Nigeria Soon - Live Bitcoin News