Tigran Gambaryan from Binance has denied allegations from the Central Bank of Nigeria that $26 billion left the country via the exchange, clarifying that this figure reflects total trade volume, not actual outflows. He criticized the CBN for misrepresenting data and putting the blame on Binance for Nigeria’s economic challenges. Binance ceased operations in Nigeria amid scrutiny and regulatory pressures.
Tigran Gambaryan, the Head of Financial Crime Compliance at Binance, refuted the claims made by the Central Bank of Nigeria (CBN) concerning the alleged outflow of $26 billion through the exchange. He asserted that this figure was misleading, representing cumulative trade volume rather than actual funds exiting Nigeria. Gambaryan emphasized that transactions on the platform consisted of buying and selling cryptocurrencies, not illicit monetary transfers.
In a recent statement on X (formerly Twitter), Gambaryan described the CBN’s claims as unfounded, stating, “The $26bn figure they kept pushing publicly as some mystery money escaping Nigeria is complete ‘bullshit.’” He explained that the figure represented total trading activity and not a loss of funds from the country. He further elaborated that repeated trades could inflate the perceived volume without reflecting actual money leaving Nigeria.
CBN Governor Olayemi Cardoso had previously expressed concerns over suspicious financial activities associated with Binance, claiming that $26 billion in transactions linked to unidentified sources had passed through the platform. He commented, “We are concerned that certain practices go on that indicate illicit flows… in the case of Binance, in the last year, $26bn has passed through Binance Nigeria from sources and users who we cannot adequately identify.”
Gambaryan criticized Nigerian authorities for attributing the nation’s economic issues, including the naira’s devaluation, to Binance. He pointed out that the currency devaluation was a direct result of President Tinubu’s monetary policy adjustments, which shifted the naira’s peg to the dollar. Gambaryan noted that instead of acknowledging this factor, officials unfairly scapegoated Binance for the economic challenges.
In March 2024, Binance ceased its operations in Nigeria amid increasing regulatory scrutiny and pressure from the CBN. The Central Bank raised concerns regarding potential illicit transactions facilitated by crypto exchanges, resulting in calls for comprehensive restrictions against Binance and similar platforms. Gambaryan, along with colleague Nadeem Anjarwalla, was detained in February 2024 during discussions with Nigerian officials regarding regulatory compliance, but he was released after charges were dropped due to health concerns.
In conclusion, Tigran Gambaryan’s rebuttal of the CBN’s claims sheds light on the misrepresentation of trading volumes as outflows of capital. The controversy highlights broader economic issues in Nigeria, particularly the repercussions of policy shifts affecting the naira. The criticisms directed at Binance underline the challenges facing cryptocurrency exchanges amid regulatory frameworks and scrutiny. Gambaryan’s points emphasize the importance of clarity and accuracy in discussions surrounding financial transactions in Nigeria.
Original Source: punchng.com
