Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, has reignited tensions with the Nigerian government, publicly naming lawmakers whom he claims demanded a $150 million bribe to prevent his arrest and prosecution. This latest twist follows months of diplomatic wrangling, regulatory scrutiny, and a series of high-profile accusations that have cast a spotlight on Nigeria’s handling of financial oversight in the crypto sector.
In a statement posted on X (formerly Twitter) on Friday, Gambaryan identified three Nigerian legislators — Philip Agbese, Deputy Spokesperson for the House of Representatives; Ginger Obinna Onwusibe, Chair of the House Committee on Anti-Corruption; and Peter Akpanke, a representative for Obanliku/Obudu/Bekwara — as those allegedly behind the illicit demand.
Gambaryan detailed his encounter with the lawmakers, stating that the meeting, held on January 5, 2024, was preceded by discussions with Nigeria’s Department of State Services (DSS), who allegedly instructed Binance to comply with the lawmakers’ directives. According to him, the House of Representatives members staged an official-looking meeting, complete with non-functional cameras, before demanding a $150 million bribe in cryptocurrency.
“They set up fake cameras and media to make the meeting appear official, but the cameras weren’t even plugged in. As you may already know, this ended with them asking for a $150 million bribe, paid in cryptocurrency into their personal wallets. A Mickey Mouse operation at its best,” Gambaryan wrote.
At the time of reporting, the accused lawmakers had yet to respond to the allegations. Nigerian authorities have also remained notably silent on the matter, raising further questions about the government’s stance on the scandal.
Gambaryan also used his social media platform to refute the Central Bank of Nigeria’s (CBN) claim that Binance facilitated the outflow of $26 billion from the country. He described the figure as grossly misleading, arguing that it represented cumulative trade volume rather than an actual capital flight.
“The $26bn figure they kept pushing publicly as some mystery money escaping Nigeria is complete nonsense,” Gambaryan stated. “This was simply cumulative trade data for Nigerians using the platform. If you trade $100 a hundred times, that’s $10,000 in trade volume, but in reality, you only used $100. Another example of them twisting numbers to cover up their shoddy investigation.”
This latest dispute underscores the continued friction between Binance and Nigerian regulators. In February 2024, CBN Governor Olayemi Cardoso alleged that Binance had facilitated suspicious financial flows totaling $26 billion, which he claimed could not be properly traced to identifiable sources. At the time, Cardoso justified the crackdown on Binance as part of a broader effort to curb illicit financial activities in Nigeria.
Gambaryan, however, dismissed these assertions, arguing that Nigerian authorities had scapegoated Binance for the country’s economic challenges, particularly the devaluation of the naira.
“They all knew that the naira’s devaluation was a direct result of Tinubu’s monetary policy, which depegged the naira from the dollar,” he said. “Instead of acknowledging this, they used Binance as a convenient villain.”
Regulatory Crackdown and Binance’s Exit
Binance officially exited the Nigerian market in March 2024 after months of regulatory pressure. The Nigerian government had expressed concerns about cryptocurrency platforms allegedly being used for illicit transactions and destabilizing the local economy.
Gambaryan and his colleague, British-Kenyan dual national Nadeem Anjarwalla, were detained in February 2024 upon arriving in Nigeria for meetings with government officials. Anjarwalla later escaped custody in March, while Gambaryan remained incarcerated until his release in October 2024 following diplomatic interventions from the United States.
While Binance’s legal battles in Nigeria may have temporarily subsided, its turbulent departure has left a lasting impact on the country’s cryptocurrency ecosystem. Nigerian crypto traders and investors have scrambled to find alternatives as the government tightens control over digital financial transactions.
Gambaryan’s allegations and the broader Binance-Nigeria fallout reflect deeper issues within Nigeria’s regulatory framework. The country has, in recent years, taken an aggressive stance against foreign tech companies, slapping Meta (formerly Facebook) with a $220 million fine over alleged data privacy violations and launching investigations into other global firms operating within its borders.
Critics argue that Nigeria’s approach to tech regulation oscillates between ambitious enforcement and institutional uncertainty. While regulators have been quick to impose hefty fines and take legal action, there is a growing perception that these efforts lack strategic direction and consistency.
One thing remains certain — Gambaryan’s latest revelations have ensured that Nigeria’s regulatory drama is far from over. Whether the Nigerian government chooses to respond or remain silent, the international spotlight on its handling of financial oversight is unlikely to fade anytime soon.