The messaging platform also highlighted that it abides by EU laws.
Meanwhile, many political and business figures have come out in support of Durov.
“Telegram’s CEO Pavel Durov has nothing to hide,” the end-to-end encrypted social media platform noted in a statement issued hours after Durov’s detention in France, adding that he “travels frequently in Europe.”
Durov was detained by French authorities on Saturday evening at Le Bourget airport outside Paris. He was understood to be traveling in his private jet from Azerbaijan to the European country.
The media has used the terms “detention” and “arrest” interchangeably to describe the actions against Durov; however, the two terms are distinct. Detention is a temporary holding for investigative purposes without pressing any formal charges, while an arrest occurs when a person is formally taken into custody and charged with one or more crimes.
Durov appears to be only under detention at the moment. According to The Guardian, the investigating magistrate extended his detention beyond Sunday night, and the questioning could last up to a maximum of 96 hours.
“Telegram Abides by EU Laws”
Although the exact charges against Durov are still unclear, it has been reported that he is being blamed for breaches related to the lack of content moderation on Telegram. The French authorities are expected to issue an official statement on the case today.
According to AFP, the French OFMIN, which is tasked with preventing violence against minors, issued an arrest warrant against Durov, charging him with offenses including fraud, drug trafficking, cyberbullying, organized crime, and promotion of terrorism.
“It is absurd to claim that a platform or its owner are responsible for the abuse of that platform,” stated Telegram in its first official statement on the Telegram News channel on Saturday.
“Telegram abides by EU laws, including the Digital Services Act—its moderation is within industry standards and constantly improving… Almost a billion users globally use Telegram as a means of communication and as a source of vital information,” the official statement continued.
TON Sheds $2.7 Billion
Meanwhile, Durov's detention directly impacted the price of TON, the native cryptocurrency backing The Open Network, the blockchain project linked to Telegram. The token shed about 20 percent of its value since Durov’s detention, losing approximately $2.7 billion.
Durov, who was born in Russia, is a billionaire entrepreneur with an estimated net worth of about $15.5 billion according to Forbes. He and his brother, Nikolai Durov, founded Telegram in 2013, prioritizing end-to-end encryption. However, he had to leave Russia the following year after refusing to comply with the Russian government’s order to shut down opposition communities on the platform.
Telegram has gained massive popularity over the years and competes with social media giants like Meta's WhatsApp and Instagram, TikTok, and WeChat. The platform has over 900 million active users and is influential in Russia, Ukraine, and the republics of the former Soviet Union.
Durov relocated to the United Arab Emirates in 2017 and moved his company to the Middle Eastern country. He became a French citizen in August 2021 and, according to French media, also received UAE citizenship. Reuters also noted that he holds citizenship in St. Kitts and Nevis, a dual-island nation in the Caribbean.
Russia banned Telegram in 2018, but access to the platform in the country was hardly hampered. The ban was subsequently lifted in 2020. Meanwhile, Telegram's popularity also prompted European authorities, including those in France, to investigate security and data breach concerns. EU tech regulators confirmed last May that they were in contact with Telegram to discuss compliance with EU content moderation legislation.
“[Durov] Miscalculated”
Interestingly, Russia took a surprising interest in Durov's situation following his detention by the French authorities. The Russian embassy in France said it is taking “immediate steps” to clarify the situation.
“We immediately asked French authorities to explain the reasons for this detention and demanded that his rights be protected and that consular access be granted. Up to now, the French side is refusing to cooperate on this question,” the embassy in Paris told the RIA Novosti news agency.
“As of today, the French side has so far avoided cooperation on this issue,” the Russian embassy in France stated on its official Telegram channel. The embassy further confirmed that Durov’s lawyers are in touch with its officials.
Meanwhile, online campaigns are ongoing to support Durov. Even tech billionaire Elon Musk posted an earlier interview of Durov with controversial media presenter Tucker Carlson with the hashtag #FreePavel.
“The French continue their fight for ‘freedom of speech’ and ‘European values,’” Russian lawmaker Andrei Klishas wrote on Telegram.
Mikhail Ulyanov, Russia’s ambassador to international organizations in Vienna, also pointed out that Durov's detention is an example of “very alarming totalitarian trends in countries which used to call themselves democratic.”
The situation also caught the attention of former Russian president Dmitry Medvedev, who wrote on Telegram (translated from Russian): “He thought that his biggest problems were in Russia, and left, then also receiving citizenship/residence permits in other countries. He wanted to be a brilliant ‘man of the world’ who lives well without a homeland.”
“He miscalculated,” Medvedev added. “For all our now common enemies, he is Russian—and therefore unpredictable and dangerous… Durov needs to finally understand that the Fatherland, like the times, is not chosen.”
“Telegram’s CEO Pavel Durov has nothing to hide,” the end-to-end encrypted social media platform noted in a statement issued hours after Durov’s detention in France, adding that he “travels frequently in Europe.”
Durov was detained by French authorities on Saturday evening at Le Bourget airport outside Paris. He was understood to be traveling in his private jet from Azerbaijan to the European country.
The media has used the terms “detention” and “arrest” interchangeably to describe the actions against Durov; however, the two terms are distinct. Detention is a temporary holding for investigative purposes without pressing any formal charges, while an arrest occurs when a person is formally taken into custody and charged with one or more crimes.
Durov appears to be only under detention at the moment. According to The Guardian, the investigating magistrate extended his detention beyond Sunday night, and the questioning could last up to a maximum of 96 hours.
“Telegram Abides by EU Laws”
Although the exact charges against Durov are still unclear, it has been reported that he is being blamed for breaches related to the lack of content moderation on Telegram. The French authorities are expected to issue an official statement on the case today.
According to AFP, the French OFMIN, which is tasked with preventing violence against minors, issued an arrest warrant against Durov, charging him with offenses including fraud, drug trafficking, cyberbullying, organized crime, and promotion of terrorism.
“It is absurd to claim that a platform or its owner are responsible for the abuse of that platform,” stated Telegram in its first official statement on the Telegram News channel on Saturday.
“Telegram abides by EU laws, including the Digital Services Act—its moderation is within industry standards and constantly improving… Almost a billion users globally use Telegram as a means of communication and as a source of vital information,” the official statement continued.
TON Sheds $2.7 Billion
Meanwhile, Durov's detention directly impacted the price of TON, the native cryptocurrency backing The Open Network, the blockchain project linked to Telegram. The token shed about 20 percent of its value since Durov’s detention, losing approximately $2.7 billion.
Durov, who was born in Russia, is a billionaire entrepreneur with an estimated net worth of about $15.5 billion according to Forbes. He and his brother, Nikolai Durov, founded Telegram in 2013, prioritizing end-to-end encryption. However, he had to leave Russia the following year after refusing to comply with the Russian government’s order to shut down opposition communities on the platform.
Telegram has gained massive popularity over the years and competes with social media giants like Meta's WhatsApp and Instagram, TikTok, and WeChat. The platform has over 900 million active users and is influential in Russia, Ukraine, and the republics of the former Soviet Union.
Durov relocated to the United Arab Emirates in 2017 and moved his company to the Middle Eastern country. He became a French citizen in August 2021 and, according to French media, also received UAE citizenship. Reuters also noted that he holds citizenship in St. Kitts and Nevis, a dual-island nation in the Caribbean.
Russia banned Telegram in 2018, but access to the platform in the country was hardly hampered. The ban was subsequently lifted in 2020. Meanwhile, Telegram's popularity also prompted European authorities, including those in France, to investigate security and data breach concerns. EU tech regulators confirmed last May that they were in contact with Telegram to discuss compliance with EU content moderation legislation.
“[Durov] Miscalculated”
Interestingly, Russia took a surprising interest in Durov's situation following his detention by the French authorities. The Russian embassy in France said it is taking “immediate steps” to clarify the situation.
“We immediately asked French authorities to explain the reasons for this detention and demanded that his rights be protected and that consular access be granted. Up to now, the French side is refusing to cooperate on this question,” the embassy in Paris told the RIA Novosti news agency.
“As of today, the French side has so far avoided cooperation on this issue,” the Russian embassy in France stated on its official Telegram channel. The embassy further confirmed that Durov’s lawyers are in touch with its officials.
Meanwhile, online campaigns are ongoing to support Durov. Even tech billionaire Elon Musk posted an earlier interview of Durov with controversial media presenter Tucker Carlson with the hashtag #FreePavel.
“The French continue their fight for ‘freedom of speech’ and ‘European values,’” Russian lawmaker Andrei Klishas wrote on Telegram.
Mikhail Ulyanov, Russia’s ambassador to international organizations in Vienna, also pointed out that Durov's detention is an example of “very alarming totalitarian trends in countries which used to call themselves democratic.”
The situation also caught the attention of former Russian president Dmitry Medvedev, who wrote on Telegram (translated from Russian): “He thought that his biggest problems were in Russia, and left, then also receiving citizenship/residence permits in other countries. He wanted to be a brilliant ‘man of the world’ who lives well without a homeland.”
“He miscalculated,” Medvedev added. “For all our now common enemies, he is Russian—and therefore unpredictable and dangerous… Durov needs to finally understand that the Fatherland, like the times, is not chosen.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Monzo Becomes First UK Bank to Offer Apple Pay Monthly Payments
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Follow FMevents across our social media platforms for news, insights, and event updates.
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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