As part of revelations of his ordeal in the country, Tigran Gambaryan, the Binance Boss who was detained by the Nigerian security has dismissed claims by authorities that $26 billion left the economy due to illicit crypto currency transactions.
He said the figure was simply the cumulative trade data for Nigerians on the platform, as he explained that the narrative was part of many lies told by government officials while seeking bribes from Binance.
Recall, in February 2021, following fears of uncertainties of the impact of crypto currency on the local economy and on the financial institutions system, the Central Bank of Nigeria (CBN) barred banks and related institutions from transacting in the virtual currency.
However, in December 2023, the Apex bank permitted certain virtual asset service providers (VASP) activities and activities relating to cryptocurrencies and crypto assets, subject to new guidelines.
These enabled financial institutions to provide banking services to VASPs, and set out how financial institutions should open accounts for VASPs; provide designated settlement accounts and services; and serve as channels for foreign exchange inflows and trade for companies transacting in crypto assets.
But in February 2024, governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, soon after assuming office, said in an MPC meeting “We are concerned that certain practices go on that indicate illicit flows, going through a number of these entities and suspicious flows.
In the case of Binance, in the last year, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” an euphemism for illicit fund transactions.
Meanwhile, Gambaryan in his latest `X` revelations said Cardoso`s claims were untrue.
“The $26 billion figure they kept pushing publicly as some mystery money escaping Nigeria is complete BS. This information was provided in response to their request… This money didn’t leave Nigeria—it was just people buying and selling crypto.
For example, if you trade $100 a hundred times, that’s $10,000 in trade volume, but in reality, you only used $100. Again, just another example of them lying to cover up their BS investigation.”
He also debunked claims by Hon. Philip Agbese, one of the three members of the House of Representatives which allegedly demanded a $150 million bribe to influence an end of his prosecution by the Nigerian government.
Agbese in an exclusive phone interview with Lapalabras.com alleged that an accomplice of the Binance Head of financial crime escaped from “lawful custody.”
In his X post Gambaryan said, “Nadeem did not escape lawful detention—we were being held illegally. Belloji even admitted that he would fabricate evidence to obtain a court order to detain us for 14 days. Once the court order expired, they were unable to get an extension from the judge. At that point, they continued holding us illegally and had no justification for doing so.”
He continued, “They lied about Nadeem escaping during mosque prayers. In reality, he returned and escaped afterward. I don’t know exactly how he managed to flee. He emailed me in November, but we haven’t discussed the details of his escape. It’s possible he paid someone off, but I have no proof. If Belloji had simply checked his passport for a visa, he would have realized that Nadeem did not use that passport to travel to Nigeria.
“They sent a letter to the U.S. Embassy and the British High Commission, falsely claiming that we were voluntarily participating in strategic talks. This was a blatant lie.
“There was a lot of noise about using Interpol to capture Nadeem. As someone who has been involved in multiple extradition cases, I can confidently say this was a joke. Extradition is a lengthy legal process, and no rational judge in Kenya or wherever would ever approve extradition for someone who escaped illegal detention at the hands of rogue law enforcement—especially when that detention involved holding employees hostage to pressure their employer. All noise.
They tried to use us to violate international privacy laws by demanding user data on all Nigerians to target opposition members allegedly “manipulating the price of the naira.” However, they all knew that the naira’s devaluation was a direct result of Tinubu’s monetary policy, which depegged the naira from the dollar. I’m not saying this policy decision was wrong, but everyone understood that removing government intervention would lead to extreme devaluation. Instead of acknowledging this, they used Binance as a scapegoat.”
Reacting to Gambaryan`s allegations, the Nigerian government on Friday urged the public to “disregard these allegations in their entirety,” as it insinuated the government may pursue a litigation on the matter.
A statement signed by the Minister of Information and National Orientation, Mohammed Idris, read “The Federal Government of Nigeria notes with concern the outrageous allegations, misinformation, and defamatory statements being disseminated by Tigran Gambaryan, an American personnel of Binance who was recently tried in Nigeria for financial crimes.
“While the Federal Government of Nigeria is hesitant to engage Mr. Gambaryan, given the high-level diplomatic intervention that resolved his case, we are obliged to set the records straight to stop his falsehoods from gaining ground.
“The first visit by Mr. Gambaryan and his colleagues to Nigeria was discretional on their part and Government was not officially involved. However, when the attention of the Government was called to an alleged bribery demand during that trip an investigation was immediately opened into it though there was no formal complaint by anyone.
“Mr. Gambaryan’s second visit to Nigeria was part of a wider probe into the criminal manipulation of the Nigerian currency through peer-to-peer platforms like Binance, but investigators were frustrated by the tactics deployed by Gambaryan and his team.
“Mr. Gambaryan was released by the Nigerian government in October 2024 on humanitarian grounds and following a high-level diplomatic intervention that ended with tangible benefits for Nigeria. The government rejected Binance’s offer of a $5 million down payment in exchange for Mr. Gambaryan’s freedom, in favour of a more beneficial settlement with the American government.
“It is essential to note that Mr. Gambaryan’s allegations are not only unsubstantiated but also lack credibility, given his apparent motive to discredit and intimidate those who ensured he faced justice.
However, we are confident that both the Nigerian and American judicial systems will provide Mr. Gambaryan with a fair opportunity to substantiate his claims in court. Until then, we advise the public to exercise caution and not be swayed by Mr. Gambaryan’s unfounded and malicious claims.”
