Binance Denies $26 Billion Outflow Claims by Central Bank of Nigeria

Tigran Gambaryan, Binance’s Financial Crime Compliance Head, refuted the CBN’s claims of $26 billion exiting Nigeria, stating it was mischaracterized cumulative trade volume. He criticized the CBN for using Binance as a scapegoat for broader economic issues like the naira’s devaluation and highlighted that Binance exited the Nigerian market amid regulatory pressures and accusations.

Tigran Gambaryan, Head of Financial Crime Compliance at Binance, has disputed the Central Bank of Nigeria’s (CBN) claim that $26 billion left Nigeria through their exchange. He clarified that this figure represents cumulative trade volume rather than actual funds exiting the country. Gambaryan referred to the CBN’s allegations as “complete bullshit,” emphasizing that it reflects trading activities, not the movement of real money out of Nigeria.

He illustrated his point by explaining that trading $100 multiple times can accumulate to a higher trade volume without actual financial outflow. In February 2024, CBN Governor Olayemi Cardoso indicated that these suspicious financial flows suggested illicit activities but did not definitively attribute them to Binance.

Moreover, Gambaryan criticized Nigerian authorities for using Binance to explain economic issues such as the naira’s devaluation. He noted that policymakers understood the consequences of unpegging the naira from the dollar and claimed the CBN is scapegoating Binance instead of addressing these fundamental economic changes. In March 2024, Binance exited the Nigerian market amid regulatory scrutiny and accusations of handling illicit transactions.

Gambaryan and colleague Nadeem Anjarwalla were arrested during their visit for discussions with government officials regarding Binance’s operations, lasting eight months until the charges were dropped due to health concerns and diplomatic considerations. After leaving Nigeria in October 2024, Gambaryan emerged critical of how the CBN has portrayed the exchange’s operations and its impact on the Nigerian economy.

In conclusion, Tigran Gambaryan has dismissed the $26 billion claim by the CBN as a misinterpretation of trade volume figures. He argues that this misrepresentation is part of a broader trend of scapegoating Binance for Nigeria’s economic issues, particularly the naira’s devaluation. Following substantial regulatory challenges, Binance has ceased its operations in Nigeria.

Original Source: punchng.com