Binance CEO Richard Teng has strongly refuted the Nigerian government’s claim that Binance earned $26 billion in revenue from its activities in Nigeria for 2023. Teng clarified that the reported figure is inflated, noting that Binance’s actual transaction volume in Nigeria was $21.6 billion, with revenue being significantly lower due to the exchange’s low transaction fees. He stressed that the company’s global cooperation and practices align with regulatory standards and transparent operations.
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What happened so far?
Tigran Gambaryan, an American citizen, and Nadeem Anjarwalla, a British Kenyan, were arrested by Nigerian law enforcement in February at an Abuja airport after being summoned by authorities. Following their arrest, Binance suspended all naira and peer-to-peer services in Nigeria. Anjarwalla fled to Kenya in March but was subsequently apprehended there by Nigerian security forces with the help of Interpol.
Dismissing Naira Devaluation Allegations
The case also accuses Binance of contributing to the depreciation of the Nigerian Naira. Teng countered these claims, attributing the currency’s decline to macroeconomic factors rather than Binance’s actions. He provided data showing that the Naira’s most substantial drop occurred after the government ended its currency peg in June 2023, which was well before Binance ceased its peer-to-peer services in February 2024.
Concerns Over Tigran Gambaryan’s Detention
A critical issue in the controversy is the detention of Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, who has been held in Nigeria since February. Teng expressed his grave concern over Gambaryan’s worsening health and the Nigerian government’s alleged refusal to provide adequate medical care or legal access. Furthermore, despite the trial set to begin on September 2—an action we have been informed is unconstitutional under Nigerian law—the authorities are refusing to provide access to Tigran Gambaryan’s legal counsel.
He condemned the government’s non-compliance with court orders and called for Gambaryan’s release on humanitarian grounds.
Appeal for International Support
Moving on, Teng urged the U.S. government to intervene and recognize Gambaryan as “unlawfully detained” abroad. He also appealed to the international community to voice their concerns regarding the Nigerian government’s actions, arguing that such unilateral measures could harm Nigeria’s long-term economic development and global reputation.
