Binance Executive Alleges Nigerian Government Blamed Crypto Platform for Naira Devaluation

Tigran Gambaryan, Head of Finance and Compliance at Binance US, has alleged that the Nigerian government held the cryptocurrency platform responsible for the economic effects of President Bola Tinubu’s currency devaluation policy.

Gambaryan made these claims in a statement titled "Some Unknown Facts", posted on his official X account on Friday.

Reflecting on his 2024 detention in Nigeria, Gambaryan detailed the challenges he and Binance regional manager Nadeem Anjarwalla faced.

He asserted that while authorities accused Binance of manipulating the value of the Naira, the devaluation was actually due to Tinubu’s monetary policy, which involved floating the currency in June 2023.

“The devaluation of the Naira was a direct result of government policy, not Binance,” he wrote.

Gambaryan further claimed that Nigerian authorities sought access to Binance user data, allegedly to target opposition members linked to foreign exchange speculation.

Additionally, he alleged that:

• A Nigerian senator requested a $150 million bribe.
• National Security Adviser Nuhu Ribadu attempted to solicit funds for political purposes.

The Nigerian government has not officially responded to Gambaryan’s latest claims. However, authorities had previously accused Binance of enabling illegal financial transactions, with CBN Governor Olayemi Cardoso citing concerns over $26 billion in untraceable crypto transfers.

Gambaryan was arrested upon arrival in Nigeria on February 26, 2024, while Anjarwalla later escaped custody.

The situation remains highly controversial, with legal and diplomatic implications between Binance and the Nigerian government.