Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, has dismissed the Central Bank of Nigeria’s assertion that $26 billion left Nigeria via the exchange. He clarified that the amount represents cumulative trade volume rather than actual outflows. Moreover, Gambaryan criticized Nigerian authorities for blaming Binance for economic issues, including the naira’s devaluation, emphasizing the need for accountability. Binance exited the Nigerian market amid rising scrutiny.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, has denied claims made by the Central Bank of Nigeria (CBN) that $26 billion was illegally transferred out of Nigeria via the crypto exchange. He pointed out that the cited figure was a cumulative trade volume rather than actual monetary outflows, asserting that the data was misrepresented by the CBN.
In a post on social media, Gambaryan stated, “The $26bn figure they kept pushing publicly as some mystery money escaping Nigeria is complete ‘bullshit.’ This information was provided in response to their request and was simply cumulative trade data for Nigerians on the platform.” He clarified that the funds did not exit Nigeria, but rather represented local trading activity in cryptocurrency.
The CBN’s allegations stemmed from comments made by Governor Olayemi Cardoso in February 2024 regarding supposed illicit flows through Binance Nigeria. He expressed concern over the $26 billion in transactions from unexplained sources, suggesting potential illegal activities associated with the platform.
Gambaryan also rebuked Nigerian authorities for attributing the country’s economic challenges, including the naira’s devaluation, to Binance. He attributed the currency’s decline to policy shifts by the Nigerian government and criticized the authorities for scapegoating the crypto exchange instead of addressing the root causes of economic instability.
Binance decided to exit the Nigerian market in March 2024 amidst growing regulatory pressures and accusations of facilitating illicit transactions. Following these claims, Gambaryan and his colleague Nadeem Anjarwalla were detained upon their arrival in Nigeria for discussions regarding Binance’s operations.
In conclusion, Tigran Gambaryan vehemently refuted the Central Bank of Nigeria’s claims regarding the alleged outflow of $26 billion, clarifying that this figure referred to trade volume, not actual funds leaving the country. He criticized the Nigerian government for misplacing blame on Binance for broader economic issues like the naira’s devaluation, urging a reevaluation of responsibility. The situation underscores the contentious relationship between cryptocurrency platforms and Nigerian regulators.
Original Source: punchng.com
