Binance’s Gambaryan Refutes CBN’s $26 Billion Outflow Claims

Tigran Gambaryan from Binance has disputed the Central Bank of Nigeria’s claim that $26 billion left Nigeria via Binance. He clarified that this figure pertains to trading volume, not actual funds. Gambaryan characterized the CBN’s statements as misleading and criticized Nigerian authorities for using Binance as a scapegoat for economic issues.

Tigran Gambaryan, Head of Financial Crime Compliance at Binance, has denied the Central Bank of Nigeria’s assertion regarding the alleged outflow of $26 billion through the cryptocurrency exchange. Gambaryan, who faced money laundering and tax evasion charges in February 2024 and spent eight months in custody, stated that this amount was misrepresented. He clarified that the figure indicated cumulative trade volume rather than actual funds exiting Nigeria, emphasizing the miscommunication as misleading.

On social media, Gambaryan remarked, “The $26bn figure they kept pushing publicly as some mystery money escaping Nigeria is complete ‘bullshit.’ This information was provided in response to their request and was simply cumulative trade data for Nigerians on the platform.” He illustrated that frequent trading results in high trade volume without the transfer of significant funds out of the country, thereby debunking the claims made by the Central Bank.

During an earlier press briefing, CBN Governor Olayemi Cardoso claimed that Binance facilitated suspicious financial activities amounting to $26 billion from unidentified sources in the past year, raising concerns about illicit flows. Gambaryan criticized the Nigerian authorities for using Binance as a scapegoat for broader economic issues, particularly the devaluation of the Nigerian naira, attributing the problem to changes in monetary policy rather than Binance’s operations.

Following increasing regulatory scrutiny and accusations, Binance ceased operations in Nigeria in March 2024. Gambaryan’s arrest, along with his colleague Nadeem Anjarwalla, occurred during their visit to Nigeria for discussions on Binance’s regulatory compliance, highlighting the growing tension between cryptocurrency platforms and regulatory bodies in Nigeria.

In summary, Tigran Gambaryan has refuted claims made by the Central Bank of Nigeria concerning the $26 billion outflow through Binance, asserting that the figure represents mere trading volume. He criticized the authorities for misrepresenting facts and using Binance to shift blame for economic issues. The Binance executive’s remarks shed light on the miscommunication surrounding cryptocurrency transactions and regulatory challenges in Nigeria.

Original Source: punchng.com