Tigran Gambaryan from Binance refuted claims by the Central Bank of Nigeria about $26 billion in suspicious outflows through Binance. He explained that this figure was merely cumulative trade volume, not actual funds leaving Nigeria. Gambaryan criticized the Nigerian authorities for using Binance as a scapegoat for economic troubles related to the naira’s devaluation and highlighted the difference between trade volume and actual funds in cryptocurrency transactions.
Tigran Gambaryan, the Head of Financial Crime Compliance at Binance, has contested the Central Bank of Nigeria’s assertion regarding a purported outflow of $26 billion through the cryptocurrency platform. He clarified that this figure represented total trade volume, not actual cash leaving Nigeria. Gambaryan characterized the claims as misleading and emphasized their basis on cumulative trade data rather than illicit activity. He illustrated the distinction between trade volume and actual funds, stating, “If you trade $100 a hundred times, that’s $10,000 in trade volume, but in reality, you only used $100.”
In summary, Tigran Gambaryan has vehemently rejected the Central Bank of Nigeria’s claims regarding the $26 billion allegedly escaping the country through Binance. His arguments center around the misunderstanding of trade volume versus actual funds transferred, highlighting the need for accurate interpretations of cryptocurrency transactions. Additionally, Gambaryan criticized Nigerian authorities for scapegoating Binance for broader economic issues, particularly the devaluation of the naira.
Original Source: punchng.com
