Binance CEO Richard Teng Calls Out Nigerian Govt’s Misreporting

Binance CEO Richard Teng Has Issued a Powerful Response to the Nigerian Government’s Allegations Regarding the Company’s Operations in the Country

The ongoing legal battle has seen Binance and two of its executives, Nadeem Arjarwalla and Tigran Gambaryan, face charges of money laundering and tax evasion. The case, initially scheduled for October 11, has now been brought forward to September 2 following requests from the defense.

The Nigerian government claims that Binance earned $26 billion in revenue from its activities within the country in 2023. Teng, however, firmly denied this accusation ahead of the September 2 hearing in Binance vs. Nigeria lawsuit.

Accusations of Misreporting

Teng stated in an official statement, “The Government has said that we made $26B in revenue from Nigeria in 2023. That is not the case.”

The Binance CEO explained that the exchange’s transaction volume in Nigeria for 2023 was $21.6 billion, which is much less than the claimed revenue generated in the region.

Rebuttal of Claims Tied to Naira Devaluation

The case against the crypto exchange also includes allegations that the company’s activities contributed to the depreciation of the Nigerian Naira. Teng refuted these claims, attributing the naira’s decline to broader macroeconomic factors rather than Binance’s operations.

“Another claim made by the Nigerian government was that Binance was responsible for its currency’s decline, which is not backed up by facts,” Teng asserted.

Teng provided a detailed account of the Naira’s exchange rate movements, noting that between 2021 and 2022, the naira traded within a relatively narrow range.

He emphasized that the most significant drop occurred after the Nigerian government ended the Naira’s currency peg in June 2023, leading to a dramatic depreciation.

Tigran Gambaryan’s Health Worsens

A significant aspect of the controversy involves the detention of Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, who has been held in Nigeria since February.

“Tigran’s physical and mental conditions have deteriorated rapidly, and his situation is now more dire than ever. He is in severe pain and unable to walk due to a herniated disc,” Teng revealed.

The CEO condemned the Nigerian government’s alleged failure to comply with court orders demanding the release of Gambaryan’s medical records and the denial of access to his U.S. consulate representative.

Call for Humanitarian Release

Teng characterized these actions as “inexplicable” and appealed for Gambaryan’s release on humanitarian grounds.

“I appeal once again for the Nigerian government to allow him to go home to his family on humanitarian grounds so that he can seek the appropriate medical treatment in the US,” Teng urged.

Conclusion

The ongoing legal battle between Binance and the Nigerian government highlights the challenges faced by cryptocurrency companies operating in Africa. The allegations of misreporting and manipulation of the Naira’s value demonstrate the need for greater transparency and regulation in the industry.

The detention of Tigran Gambaryan and the denial of access to his medical records raise serious concerns about the human rights of individuals involved in the case. Binance’s call for a humanitarian release of Gambaryan serves as a reminder of the importance of protecting individuals’ rights and well-being.

FAQs

Q: What is the dispute between Binance and the Nigerian government?

A: Binance and two of its executives, Nadeem Arjarwalla and Tigran Gambaryan, face charges of money laundering and tax evasion. The case is related to the company’s operations in Nigeria.

Q: What are the allegations against Binance?

A: The Nigerian government claims that Binance earned $26 billion in revenue from its activities within the country in 2023. Binance denies these allegations, stating that its transaction volume in Nigeria for 2023 was $21.6 billion.

Q: What is the situation with Tigran Gambaryan’s health?

A: Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, has been held in Nigeria since February and has reportedly experienced a deterioration in his physical and mental health due to a herniated disc.

Q: What is the purpose of the humanitarian release call by Binance?

A: Binance is appealing for Gambaryan’s release on humanitarian grounds so that he can seek appropriate medical treatment in the US.