Good morning. Tigran Gambaryan, Binance’s head of financial-crime compliance, flew to Nigeria’s capital to solve a problem: The government had blamed the world’s largest crypto exchange for crashing the currency.

The American, a former Internal Revenue Service special agent, left his wife and children at home in Georgia in late February with a small suitcase for what he thought was a quick business trip.

He hasn’t come back.

• Who was arrested: Nigerian authorities detained Gambaryan and a colleague, Nadeem Anjarwalla, a U.K. and Kenyan national and Binance’s regional manager for Africa, according to the men’s families.
   
• No charges, yet: The Binance employees, who are being held in a guarded house, haven’t been charged with any crimes. The government, which invited them to Nigeria for meetings, hasn’t publicly discussed the detentions.
   
• Was crypto the root cause? Nigeria, Africa’s largest economy with a population of more than 220 million, has faced many currency crises before. This is the first time that crypto has played a starring role. 
   
• Inflation hedge gone wrong: Nigerians flocked to cryptocurrencies in recent years to shelter their savings from a soaring inflation rate, which hit nearly 30% in January, and a plunging currency, one of the worst-performing in the world this year.

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U.S. bank regulators weigh new operational resilience requirements.

U.S. financial regulators are exploring new requirements to make sure that large banks can weather disruptions to their operations, a top official said, citing the rise of challenges such as ransomware attacks as bank footprints expand worldwide.

Acting Comptroller of the Currency Michael Hsu said banks need to address challenges to their operations separate from the familiar liquidity shortfalls, and floated the possibility of testing banks on their resilience.

“The federal banking agencies are considering what changes to our operational resilience framework might be appropriate,” Hsu told an audience of bankers in Washington.

How TikTok was blindsided by a U.S. bill that could ban it.

Two weeks ago, executives from TikTok’s U.S. operations flew to their company’s international headquarters in Singapore with good news.

Appearances were deceiving. They told bosses that after years of battling over its fate in the U.S., the popular video app wasn’t in imminent danger of getting banned in its most important market, according to people familiar with the meetings. Among the positive signs: President Biden’s election campaign had just joined the app, on Super Bowl Sunday. Days after returning to the U.S., they learned they had miscalculated.

• Archer Daniels Midland said it is under investigation by the Justice Department, adding to scrutiny over the agriculture company’s accounting practices.
   
• A former board member of an energy company acquired by Blackstone in 2019 has agreed to pay about $900,000 as part of an insider-trading settlement.
   
• China imposed more fines on the Beijing arm of Mintz Group, saying the New York-based due-diligence firm failed to respond to earlier penalties meted out over allegedly unapproved statistical work.
   
• OpenAI hit back at Elon Musk’s lawsuit against it, saying in a legal filing that it never had a founding agreement with the technology billionaire and describing his contentions as “often incoherent.”
   
• A federal judge further restricted the bond conditions of Binance founder Changpeng Zhao, saying he must notify the court of travel in the country and surrender his passport.

Inflation picks up to 3.2%, slightly hotter than expected.

U.S. inflation was slightly stronger than expected last month but did little to change expectations that the Federal Reserve will begin cutting rates later this year.

Consumer prices rose 3.2% in February from a year earlier, the Labor Department said Tuesday, up slightly from economists’ expectations of 3.1%.

What this means. The second straight month of firmer-than-expected inflation is likely to reinforce the central bank’s wait-and-see posture toward rate reductions when officials meet next week.

• U.S. Small Business Optimism Weakens on Inflation Worries
• Inflation Tracker: At 3.2%, See the Items Keeping Prices High

A new terror threat Is emerging in Europe linked to Iran, Gaza war.

Authorities in Europe say they have foiled several terror plots, some involving suspects posing as refugees, raising alarm about a growing array of threats from extremists.

In one previously unreported investigation last December, police in Austria and Bosnia arrested two separate groups of Afghan and Syrian refugees who carried arms and ammunition, including Kalashnikov assault rifles and pistols.

• China’s first major policy meeting of the year wrapped up on Monday with more of a sigh than a bang.
   
• Boeing’s problems are rippling across major U.S. airlines.
   
• Ukraine struck oil facilities deep inside Russia overnight and into Tuesday, expanding a campaign of drone attacks on refineries and other petroleum infrastructure that aims to disrupt fuel supplies to the front line and damage Moscow’s most important export industry.
   
• Hostilities flared between Israel and the Lebanese Hezbollah militia, threatening to broaden Israel’s war to its northern border amid an impasse in negotiations to reach a cease-fire in Gaza.

Van der Velden will oversee all of the firm’s legal and compliance activities globally. She joins CVC from law firm Allen & Overy, where she served as a member of its global executive committee.

Luxembourg-based CVC has 29 local offices and €186 billion, equivalent to $203 billion, in assets under management, according to its website. 

• When Joe Biden sat down in October with the special counsel investigating his handling of classified information, an animated president had a lot to say.
   
• The Biden administration said it was sending $300 million more in ammunition and other weapons to Kyiv in a stopgap move to boost Ukraine’s forces while Congress debates a new aid package.
   
• 3M Chief Executive Mike Roman will hand off his role to an outsider as the manufacturer grapples with costly litigation and weak consumer spending.
   
• A proposal for a Haitian transitional council to pave the way to elections has already encountered resistance from powerful gang leaders.
   
• Congratulations, you’ve just been promoted. Wait, you were expecting a raise with that big, new job?

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