Tigran Gambaryan, Head of Finance and Compliance at Binance US, has accused the Nigerian government of scapegoating the cryptocurrency platform for the economic fallout of President Bola Tinubu’s Naira devaluation policy in 2024.
In a detailed statement posted on his official X account on Friday, titled Some Unknown Facts, Gambaryan reflected on his ordeal while in Nigerian government custody, alongside his colleague Nadeem Anjarwalla.
Gambaryan claimed that Binance was unfairly accused of manipulating the Naira’s exchange rate, asserting that the currency’s devaluation was a direct consequence of Tinubu’s monetary policy, which floated the Naira in June 2023 and led to its depreciation against the US dollar.
“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,” Gambaryan stated. “However, everyone knew that the Naira’s devaluation was due to Tinubu’s policy, which depegged the Naira from the dollar. Removing government intervention was bound to cause extreme devaluation, but instead of accepting this, they used Binance as a scapegoat.”
Gambaryan further alleged that Nigeria’s National Security Adviser, Nuhu Ribadu, sought a bribe to fund his political ambitions, and that certain lawmakers demanded a $150 million bribe from Binance.
The Binance executive and Anjarwalla were detained upon arrival in Nigeria on February 26, 2024. While Anjarwalla later escaped custody, Gambaryan remained detained and was charged with financial crimes, following allegations from Central Bank Governor Olayemi Cardoso that $26 billion had been funneled through Binance without a trace.
The Economic and Financial Crimes Commission (EFCC) subsequently arraigned Binance, Gambaryan, and Anjarwalla on five counts of money laundering and financial crimes. However, by October 2024, the Nigerian government dropped all charges against Gambaryan and Binance, with the court ordering his release.
This development has reignited discussions about regulatory challenges in Nigeria’s crypto market and the broader implications of the country’s economic policie
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