Tigran Gambaryan claims Nigerian officials targeted Binance to distract from economic scandals Oluwapelumi Adejumo · 4 mins ago · 2 min read
Former Binance executive claims Nigerian authorities prioritize scapegoating over addressing governmental corruption.
2 min read
Updated: Feb. 12, 2025 at 2:35 pm UTC
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Tigran Gambaryan, Binance’s former Head of Financial Crime Compliance, has openly criticized the Nigerian authorities for deliberately scapegoating the exchange for the country’s economic challenges.
In a Feb. 12 statement on X, Gambaryan, recently released from detention in Nigeria, claimed that Nigeria’s National Security Advisor (NSA) Nuhu Ribadu targeted the exchange instead of addressing corruption allegations involving government officials.
He asserted that Ribadu and his associates prioritized pressuring the exchange over investigating allegations of misconduct within the government.
Gambaryan said:
“Ribadu was more interested in shaking down billions from a crypto company to cover for terrible economic decisions than in going after corrupt legislative members.”
The Binance executive further strongly criticized Ribadu, stating that his actions stripped him of integrity.
Gambaryan said:
“Whatever honor [Ribadu] had is gone. He has brought shame to the badge.”
These remarks mark Gambaryan’s first public comments since his release in October 2024. The Nigerian government had detained the Binance executive for approximately eight months on money laundering allegations.
The authorities had also blamed Binance for the foreign exchange woes the local Naira currency faced from market manipulation.
Gambaryan’s release followed pressure from the US government and high-level diplomatic discussions, with FBI Director Christopher Wray addressing his case during a visit to Nigeria.
Bribery allegations
Gambaryan’s criticism coincides with a recent interview published by Wired, where he described his detention in Nigeria as life-threatening. He recounted significant health deterioration and extreme weight loss during the ordeal.
The Wired report also alleged that Nigerian officials demanded a $150 million bribe to resolve Binance’s regulatory issues. The funds were supposedly requested in crypto and intended for officials’ digital wallets.
However, the Nigerian government denied these allegations, dismissing them as false and an attempt to undermine legal proceedings.
Meanwhile, Gambaryan suggested that he reported the bribery attempt to the NSA and the Economic and Financial Crimes Commission (EFCC).
He added:
“I already reported this to the EFCC and ONSA. I told them several times.”
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