Binance Executive Refutes CBN’s Claims of $26 Billion Outflow from Nigeria
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, is refuting the CBN’s claim that $26 billion exited Nigeria via their platform, stating it misrepresents cumulative trade volume as actual fund outflow. He highlighted the misunderstanding surrounding trade volume and attributed the naira’s devaluation to government policy, not Binance. Gambaryan’s criticism centers on the regulatory challenges faced in Nigeria, culminating in Binance’s market exit in March 2024.
Tigran Gambaryan, the Head of Financial Crime Compliance at Binance, has publicly contested the Central Bank of Nigeria’s (CBN) assertion that $26 billion has exited Nigeria through their platform. He clarified that this figure is misleading, as it reflects cumulative trading volume rather than actual funds being transferred out of the country. Gambaryan emphasized that the amount cited by the CBN was simply the total trade activity, not a measure of illicit outflow.
He illustrated this concept by likening it to repetitive trading scenarios: “For instance, if you trade $100 one hundred times, the trade volume registers as $10,000, though only $100 was utilized in reality.” He expressed frustration, asserting that the claims were exaggerated and contributed to a narrative aiming to cover up lapses in the CBN’s investigation.
In conclusion, Tigran Gambaryan has strongly refuted the CBN’s claims regarding significant illicit financial flows through Binance, characterizing the reported figures as inflated and misleading. He called out the Nigerian authorities for scapegoating Binance amidst broader economic challenges tied to governmental policy decisions. His statements underscore the need for clarity in financial reporting and accountability from regulatory bodies.
Original Source: punchng.com
