Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, has denied claims by the Central Bank of Nigeria (CBN) that $26 billion left Nigeria through the crypto exchange.
In a statement on X (formerly Twitter), Gambaryan described the CBN’s assertion as misleading, clarifying that the figure represented cumulative trade volume, not money flowing out of Nigeria.
Gambaryan’s Response to CBN’s Allegations
“The $26bn figure they kept pushing as mystery money escaping Nigeria is complete ‘bullshit.’ This was simply cumulative trade data for Nigerians on Binance,” he said.
“This money didn’t leave Nigeria—it was just people buying and selling crypto. If you trade $100 a hundred times, that’s $10,000 in trade volume, but in reality, only $100 was used.”
Gambaryan spent eight months in detention after being arrested in February 2024 on allegations of money laundering and tax evasion. He was later released in October 2024 after international diplomatic pressure and concerns over his health.
CBN’s $26 Billion Claim
In February 2024, CBN Governor Olayemi Cardoso claimed that Binance facilitated suspicious financial transactions worth $26 billion from unknown sources.
“We are concerned about illicit financial flows through certain entities. In the case of Binance, $26bn passed through Binance Nigeria from sources and users we cannot adequately identify,” Cardoso stated.
However, Gambaryan insists the CBN distorted the figures to justify its actions against Binance.
Blaming Binance for the Naira’s Devaluation
Gambaryan also accused the Nigerian government of using Binance as a scapegoat for the devaluation of the naira.
“They all knew the naira’s devaluation was due to Tinubu’s monetary policy, which removed government intervention. Instead of acknowledging this, they blamed Binance.”
Following these controversies, Binance exited the Nigerian market in March 2024, citing regulatory pressure and accusations of enabling illicit transactions.
Binance Executives’ Arrest in Nigeria
Gambaryan and his colleague, Nadeem Anjarwalla, were arrested in Nigeria after arriving for talks with government officials about Binance’s operations. While Anjarwalla later escaped custody, Gambaryan remained in detention until his eventual release.
The fallout from this case continues to fuel debate over Nigeria’s crypto regulations and the CBN’s handling of economic policies.
