Binance Executive Refutes CBN Claims of $26 Billion Exodus

Tigran Gambaryan of Binance counters the CBN’s claim of $26 billion exiting Nigeria, clarifying that the figure represents trade volume, not actual funds. He criticizes Nigerian authorities for misattributing economic problems to Binance and emphasizes the need for accurate understanding amid regulatory scrutiny resulting in Binance’s exit from the market.

Tigran Gambaryan, the Head of Financial Crime Compliance at Binance, has rejected the Central Bank of Nigeria’s claim that $26 billion has left Nigeria via the cryptocurrency exchange. He contended that this figure misrepresents cumulative trade volume rather than actual funds exiting the country. Gambaryan emphasized that the data provided relates solely to trading activities within the platform, where users simply buy and sell cryptocurrencies.

During a February 2024 press briefing, CBN Governor Olayemi Cardoso stated that Binance Nigeria was linked to suspicious financial transactions totaling $26 billion. Cardoso expressed concerns over illicit financial flows from undisclosed sources through Binance, suggesting the need for deeper investigation. However, Gambaryan criticized the Nigerian authorities for misattributing the nation’s economic challenges, such as the devaluation of the naira, to Binance’s operations.

Following scrutiny and allegations regarding regulatory compliance, Binance exited the Nigerian market in March 2024. Gambaryan, alongside colleague Nadeem Anjarwalla, was arrested in February for purportedly facilitating money laundering and tax evasion; however, these charges were later dropped. Gambaryan attributed the economic difficulties to monetary policy changes rather than blame them solely on Binance’s activities.

In summary, Tigran Gambaryan has strongly contested the Central Bank of Nigeria’s assertion regarding Binance’s role in alleged illicit financial flows. He clarified that the controversial $26 billion figure pertains to trading volume rather than actual money leaving the country. Furthermore, Gambaryan criticized Nigerian authorities for utilizing Binance as a scapegoat for broader economic issues, advocating for a more comprehensive understanding of the situation.

Original Source: punchng.com