The post Binance Nigeria Controversy: CEO Rejects $26 Billion Revenue Claim! What Next? appeared first on Coinpedia Fintech News

Binance CEO Richard Teng has firmly rejected the Nigerian government’s claim that the exchange earned $26 billion in revenue from its operations in Nigeria in 2023. Teng clarified that this figure is highly exaggerated, stating that Binance’s actual transaction volume in Nigeria was $21.6 billion, and the revenue was much lower due to the company’s low transaction fees. He emphasized that Binance follows regulatory standards globally and operates transparently.

But the real drama lies not just in the financial dispute but in the human toll it has taken.

Step in to know all about the urgent call for action and the latest developments.

The Story So Far

In February, Nigerian law enforcement arrested Tigran Gambaryan, an American citizen and Binance’s Head of Financial Crime Compliance, along with British Kenyan Nadeem Anjarwalla, at an Abuja airport. Their arrests followed a summons from Nigerian authorities.

After the arrests, Binance suspended all naira and peer-to-peer services in Nigeria. Anjarwalla fled to Kenya but was caught in March with the help of Interpol.

Blame Over Naira’s Depreciation

The Nigerian government has also blamed Binance for contributing to the Naira’s depreciation. Teng refuted these claims, attributing the currency’s decline to larger economic factors. He presented data showing that the Naira’s steepest drop occurred after the government removed its currency peg in June 2023, which was well before Binance stopped its peer-to-peer services in February 2024.

Concerns Over Tigran Gambaryan’s Detention

A major issue in this controversy is the detention of Tigran Gambaryan, who has been held in Nigeria since February. Teng expressed deep concern about Gambaryan’s worsening health, accusing the Nigerian government of denying him proper medical care and legal access. Although a trial is scheduled for September 2, Teng noted that this move is unconstitutional under Nigerian law, and authorities continue to block Gambaryan’s legal counsel.

Calls 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.

It’s time for the international community to demand transparency, fairness, and respect for human rights in this ongoing dispute. What do you think?

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