Tigran Gambaryan, the Head of Finance and Compliance at Binance in the U.S., has accused the Nigerian government of unfairly blaming Binance for the Naira’s devaluation.

In a detailed statement on his X account, Gambaryan explained that the country’s economic challenges resulted from President Bola Tinubu’s policies, not Binance’s activities.

In 2024, Gambaryan and his colleague, Nadeem Anjarwalla, were detained in Nigeria. The government accused Binance of manipulating the Naira’s value in the foreign exchange market.

However, Gambaryan insisted that the real reason for the currency’s decline was Tinubu’s decision to float the Naira in June 2023.

According to him, this policy removed government controls, allowing market forces to determine the exchange rate. He noted that while this move was expected to weaken the Naira, Nigerian authorities refused to accept responsibility and instead blamed Binance.

Gambaryan also revealed that the government pressured Binance to provide user data on all Nigerians, supposedly to track people manipulating the exchange rate.

However, he argued that officials already knew the devaluation was due to Tinubu’s economic policies.

The Binance executive further accused Nigeria’s National Security Adviser, Nuhu Ribadu, of seeking a bribe to fund his political ambitions. Additionally, he claimed that some lawmakers demanded a $150 million bribe from Binance.

The controversy surrounding Binance intensified when the Central Bank of Nigeria alleged that $26 billion was transferred through Binance without proper records.

This led to legal action by the Economic and Financial Crimes Commission (EFCC), which charged Binance, Gambaryan, and Anjarwalla with money laundering.

While Anjarwalla later escaped from custody, Gambaryan remained detained until he was formally charged in court.

However, after months of legal battles, Nigeria dropped the charges against him and his company. In October 2024, a court ordered Gambaryan’s release.