The Head of Finance and Compliance at Binance in the United States, Tigran Gambaryan, has alleged that the Nigerian government used the cryptocurrency platform as a scapegoat for the fallout from President Bola Tinubu’s Naira devaluation policy.
Gambaryan shared these claims in a detailed statement posted on his official X account on Friday, titled ‘Some Unknown Facts’.
In the statement, Gambaryan recounted his time under Nigerian government custody in 2024, describing the difficult experiences he and his colleague Nadeem Anjarwalla faced.
He clarified that although Binance was accused of manipulating the Naira’s value in the foreign exchange market, the true cause of the currency’s devaluation stemmed from the government’s own monetary policy, which caused the Naira to lose significant value against the US dollar.
Gambaryan emphasized that the Naira’s depreciation was a direct consequence of the decision to float the currency in June 2023, not any actions by Binance.
He explained that the Nigerian government attempted to pressure the company into violating international privacy laws by demanding user data on Nigerians, allegedly to target opposition members accused of manipulating the currency. According to Gambaryan, the devaluation of the Naira was an anticipated result of removing government intervention in the foreign exchange market, a decision that directly followed Tinubu’s policy. He contended that, rather than addressing the policy’s impact, the Nigerian government shifted blame onto Binance.
Earlier reports also revealed Gambaryan’s accusations against Nigeria’s National Security Adviser, Nuhu Ribadu, for allegedly seeking a bribe to support his political ambitions. Gambaryan further claimed that certain Nigerian lawmakers demanded a $150 million bribe.
The situation escalated in February 2024 when Gambaryan and Anjarwalla were detained by Nigerian authorities upon their arrival. While Anjarwalla managed to escape custody, Gambaryan was held and later charged with financial crimes. This followed statements from the Governor of the Central Bank of Nigeria, Olayemi Cardoso, who raised concerns about $26 billion being moved through Binance without trace.
As a result, the Economic and Financial Crime Commission filed charges against Binance, Gambaryan, and Anjarwalla, accusing them of money laundering and financial crimes. However, after months of legal proceedings, the Nigerian government eventually dropped the charges against Gambaryan and his company. In October 2024, a court ruling led to Gambaryan’s release from detention.
“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 Bola 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,” he wrote.
