Tigran Gambaryan of Binance has challenged the Central Bank of Nigeria’s claims regarding a $26 billion outflow, asserting it reflects cumulative trade volume. He criticizes the CBN for scapegoating Binance for economic issues like naira devaluation and highlights the complexities faced by cryptocurrency exchanges in Nigeria following heightened regulatory pressures.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, denied the Central Bank of Nigeria’s (CBN) allegations regarding a supposed outflow of $26 billion through the cryptocurrency exchange. Gambaryan, arrested in February 2024 on charges of money laundering and tax evasion, spent eight months in custody but was released in October 2024, with charges later dismissed due to health concerns.
In a post on X (formerly Twitter), Gambaryan clarified that the $26 billion cited by the CBN reflected total trade volume rather than actual funds departing Nigeria. He referred to the claims as “complete bullshit,” emphasizing that this figure stemmed from cumulative trade data and not illicit outflows.
For example, Gambaryan explained that if a trader engaged in 100 transactions of $100, the cumulative volume would total $10,000, yet only $100 was actively utilized. He criticized the CBN’s narrative as deceptive and stated, “they kept pushing publicly as some mystery money escaping Nigeria” to disguise their problematic investigation.
CBN Governor Olayemi Cardoso had previously claimed that suspicious financial flows via Binance accounted for $26 billion, linking these to illicit activities. Gambaryan countered that the devaluation of the Nigerian naira was misattributed to Binance, insisting that it resulted from President Tinubu’s monetary policy rather than crypto activities.
Binance exited the Nigerian market in March 2024 amidst mounting regulatory pressures and accusations of facilitating illegal transactions. Gambaryan and a colleague had been detained in Nigeria for discussions concerning Binance’s operations, highlighting the challenging landscape for cryptocurrency exchanges in the region.
In summary, Tigran Gambaryan has refuted the Central Bank of Nigeria’s claims of an illicit $26 billion outflow through Binance, insisting that the figure represents trade volume rather than actual funds. He also criticized Nigerian authorities for scapegoating Binance for broader economic issues, including the naira’s devaluation. The exchange ultimately ceased operations in Nigeria amid regulatory scrutiny, illustrating the complexities surrounding cryptocurrency regulation in the country.
Original Source: punchng.com
