A senior executive at Binance, Tigran Gambaryan, has accused the Nigerian government of attempting to use the cryptocurrency exchange to target opposition members by demanding access to user data.
In a post on X (formerly Twitter), Gambaryan alleged that Nigerian authorities pressured Binance to provide information on all Nigerian users under the pretext of investigating individuals “manipulating the price of the naira.” However, he argued that the naira’s devaluation was a direct consequence of President Bola Tinubu’s monetary policy, which unpegged the currency from the U.S. dollar.
“They tried to use us to violate international privacy laws by demanding user data on all Nigerians to target opposition members allegedly ‘manipulating the price of the naira,’” Gambaryan wrote. “However, they all knew that the naira’s devaluation was a direct result of Tinubu’s monetary policy.”
While acknowledging that the policy itself may not have been wrong, he insisted that the government was aware that removing intervention would lead to extreme devaluation but instead chose to blame Binance.
Gambaryan and his colleague, Nadeem Anjarwalla, were detained by Nigerian authorities in February 2024 over allegations of facilitating a $35 million money laundering scheme. Anjarwalla later escaped custody on March 22, while Gambaryan remained in detention until October 25, 2024, when he was released and left Nigeria.
Recounting his experience, Gambaryan accused the Nigerian government of misleading the public about Anjarwalla’s escape. He claimed that authorities falsely stated that Anjarwalla fled during mosque prayers when, in reality, he returned and later escaped under unclear circumstances.
“They lied about Nadeem escaping during mosque prayers. In reality, he returned and escaped afterward. I don’t know exactly how he managed to flee. It’s possible he paid someone off, but I have no proof,” he stated.
Gambaryan further alleged that Nigerian authorities misled the U.S. Embassy and the British High Commission, falsely claiming that he and Anjarwalla were voluntarily participating in discussions with the government. He described their detention as unlawful, asserting that officials even considered fabricating evidence to justify their arrest.
“Nadeem did not escape lawful detention—we were being held illegally. Officials even admitted they would fabricate evidence to obtain a court order to detain us for 14 days. When the order expired, they continued holding us without legal grounds,” he alleged.
Following Anjarwalla’s escape, Nigerian authorities reportedly sought assistance from Interpol to secure his extradition. However, Gambaryan dismissed these efforts, arguing that no legitimate court would approve the extradition of someone who fled illegal detention.
“There was a lot of noise about using Interpol to capture Nadeem. But as someone who has handled multiple extradition cases, I can say this was a joke. No rational judge would approve the extradition of someone who escaped unlawful detention,” he wrote.
Gambaryan’s allegations add to the ongoing tensions between Binance and Nigerian authorities, who have continued to scrutinize cryptocurrency operations in the country amid concerns over financial security and regulatory compliance.
As of press time, Nigerian authorities have not issued an official response to Gambaryan’s claims. However, the controversy raises questions about the government’s handling of economic policies, cryptocurrency regulation, and human rights.
