Tigran Gambaryan from Binance refuted claims by the CBN about $26 billion leaving Nigeria via the exchange. He stated the figure is a misleading cumulative trade volume. Gambaryan criticized the Nigerian authorities for scapegoating Binance instead of addressing the true causes of economic issues, such as naira devaluation. Binance exited Nigeria amid regulatory scrutiny after accusations of handling illicit transactions.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, has denied the Central Bank of Nigeria’s (CBN) claim that $26 billion has left Nigeria via their platform. Gambaryan clarified that this figure is misleading, as it reflects cumulative trade volume rather than actual funds exiting the country. He stated, “The $26bn figure they kept pushing publicly as some mystery money escaping Nigeria is complete ‘bullshit.'”
He explained that the figure was simply cumulative trade data for Nigerians using the platform. For example, executing multiple trades increases trade volume without reflecting the actual capital used. Gambaryan remarked, “This money didn’t leave Nigeria—it was just people buying and selling crypto.”
During a press conference in February 2024, CBN Governor Olayemi Cardoso expressed concern about suspicious financial flows through Binance, equating the $26 billion in transactions with potential illicit activities. Gambaryan criticized this perspective, pointing out that the devaluation of the naira was due to economic policies and not Binance’s actions.
He pointed out the focus on Binance was a diversion from real issues, indicating a lack of accountability regarding monetary policies that led to these economic challenges. Binance had exited the Nigerian market in March 2024 due to regulatory scrutiny and associated allegations of illicit transactions.
Gambaryan and his colleague, Nadeem Anjarwalla, were detained in February 2024 after arriving in Nigeria for discussions on Binance’s operations. Eventually, Gambaryan was released when the charges against him were dropped due to health concerns and diplomatic issues.
Tigran Gambaryan’s statements challenge the narrative of illicit fund flow through Binance. He clarified confusion surrounding the $26 billion figure by highlighting it as trade volume rather than actual money leaving Nigeria. This incident points to broader issues within Nigeria’s economic policies and illustrates the complexities of cryptocurrency regulation, leading to significant repercussions for businesses like Binance.
Original Source: punchng.com
