Tigran Gambaryan, Binance’s compliance head, refuted the Central Bank of Nigeria’s claim that $26 billion left the country via the exchange, stating it only represented cumulative trade volume. Following his release from detention earlier this year, Gambaryan criticized Nigerian authorities for scapegoating Binance for economic issues like the naira’s devaluation, emphasizing the complexity of distinguishing between trade activity and illicit flows.
Tigran Gambaryan, the Head of Financial Crime Compliance at Binance, has strongly contested the Central Bank of Nigeria’s claims that $26 billion exited the country through its platform. Gambaryan asserted that this figure misrepresents cumulative trade volume rather than actual funds leaving Nigeria. He emphasized that the data only reflected transaction activities, not illicit capital outflows, refuting the assertions made by Nigerian authorities regarding the platform.
Gambaryan, who faced money laundering and tax evasion charges in Nigeria, was detained for eight months before the charges were dropped in October 2024 due to health concerns. Earlier in February 2024, Governor Olayemi Cardoso of the Central Bank had suggested that Binance was involved in suspicious financial activities, labeling the cumulative trade figure as a significant concern without properly identifying its sources.
In his remarks, Gambaryan criticized the Nigerian authorities for unfairly blaming Binance for economic issues, including the naira’s devaluation, which he attributed directly to monetary policy changes initiated by the government. Binance exited the Nigerian market in March 2024 amid increasing regulatory scrutiny and accusations regarding the handling of illicit transactions.
This incident underscores the ongoing tension between cryptocurrency exchanges and national regulatory authorities, highlighting the challenges of delineating trade volume from suspected illicit capital flows in the evolving digital economy.
In summary, Gambaryan’s rebuttal highlights significant discrepancies in the interpretation of trade data by the Central Bank of Nigeria, casting doubt on the accountability of regulatory narratives surrounding cryptocurrency transactions.
In conclusion, Tigran Gambaryan’s statements reveal critical misunderstandings regarding the implications of trade volumes on the alleged financial outflows from Nigeria through Binance. His comments also shed light on broader economic challenges the country faces, as well as the implications of regulatory approaches on the cryptocurrency sector. Ultimately, this situation illustrates the need for clear communication and understanding between regulatory entities and cryptocurrency platforms to foster a healthier economic environment.
Original Source: punchng.com
