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Claim of $26bn ‘mystery money’ escaping Nigeria ‘complete nonsense’ – Binance executive
Tigran Gambaryan, Head of Financial Crime Compliance at Binance, has criticised the claims by Nigerian government that the crypto exchange platform facilitated $26bn in transactions from unidentified sources.
Last year, CBN Governor Olayemi Cardoso claimed that Binance facilitated $26bn in transactions from unidentified sources, an allegation the company previously dismissed as misleading.
The matter came up again following Nigerian government’s lawsuit against Binance seeking $81.5bn in damages and unpaid taxes.
The Federal Inland Revenue Service (FIRS) filed the case at the Federal High Court in Abuja on Wednesday under case number FHC/ABJ/CS/1444/2024, naming Binance and two of its executives, Gambaryan and Nadeem Anjarwalla, as defendants.
The lawsuit alleges that the cryptocurrency exchange violated tax laws, failed to register for tax compliance, and contributed to economic distortions.
The Nigerian government is demanding $79.5bn in damages for alleged economic losses and an additional $2bn in unpaid taxes.
The FIRS is also seeking penalties, including a 10 per cent annual interest rate on outstanding taxes and a 26.75 per cent charge based on the Central Bank of Nigeria’s lending rate until the full amount is settled.
Binance has acknowledged the lawsuit, noting that it is aware of the legal action and will provide updates as necessary.
Meanwhile, reacting to the lawsuit in a post via his X account on Friday, Gambaryan who recently accused Nigerian government officials of demanding billions in bribes during his detention in Nigeria, said the claim by the Nigerian government has no basis in fact.
“The $26bn figure they keep pushing as ‘mystery money’ escaping Nigeria is complete nonsense. This was simply cumulative trade data for Nigerian users on our platform, which was shared with regulators upon request,” he said in a post on X (formerly Twitter), Friday.