Binance Executive Challenges CBN’s $26 Billion Outflow Claims

Tigran Gambaryan of Binance disputes the Central Bank of Nigeria’s claim of $26 billion leaving via their platform, stating it reflects cumulative trade volume instead. He criticizes Nigerian authorities for misattributing economic woes to Binance while linking the naira’s devaluation to governmental policy changes. Binance has since exited Nigeria amid regulatory pressures.

Tigran Gambaryan, the Head of Financial Crime Compliance at Binance, has denied the Central Bank of Nigeria’s (CBN) allegations that $26 billion has left Nigeria through the cryptocurrency exchange. He clarified that the figure cited by the CBN represented cumulative trade volume rather than actual funds exiting the country. Gambaryan stated that these claims are misleading and emphasized how trading does not mean money is lost or sent abroad.

In February 2024, CBN Governor Olayemi Cardoso asserted that Binance Nigeria was linked to suspicious financial activities involving $26 billion from unknown sources. During a subsequent press briefing, he raised concerns about illicit flows through cryptocurrency platforms, including Binance. These assertions were made amidst the CBN’s heightened scrutiny of cryptocurrency exchanges.

Gambaryan criticized Nigerian authorities for scapegoating Binance amid broader economic challenges, specifically the devaluation of the naira. He attributed the devaluation directly to President Tinubu’s monetary policy decision to remove the naira’s peg to the dollar, clarifying that the economic consequences were well understood and implied that the blame directed at Binance was unjustified.

Following regulatory pressures and negative public sentiment, Binance exited the Nigerian market in March 2024. The regulatory framework in Nigeria became increasingly stringent regarding cryptocurrency exchanges, leading to serious accusations against these platforms, including possible involvement in illicit transactions. Gambaryan, along with his colleague Nadeem Anjarwalla, was arrested in Nigeria, enduring significant legal challenges before returning home in October 2024.

In summary, Tigran Gambaryan counters the CBN’s claims regarding a $26 billion outflow through Binance, asserting that these figures reflect trading volume rather than actual funds transferred abroad. He criticizes the Nigerian government for its scapegoating, linking economic issues to monetary policy decisions rather than Binance’s operations. The company eventually exited the Nigerian market amid stringent regulations and scrutiny.

Original Source: punchng.com