Binance CEO Richard Teng Refutes $26B Revenue Claim In Nigeria Lawsuit

Binance CEO Richard Teng has issued a strong response to the Nigerian authorities’s allegations relating to the corporate’s operations within the nation. The continuing authorized battle has seen Binance and two of its executives, Nadeem Arjarwalla and Tigran Gambaryan, face expenses of cash laundering and tax evasion. The case, initially scheduled for October 11, has now been introduced ahead to September 2 following requests from the protection.

Binance CEO Richard Teng Calls Out Nigerian Govt’s Misreporting

The Nigerian authorities claims that Binance earned $26 billion in income from its actions inside the nation in 2023. Teng, nevertheless, firmly denied this accusation forward of the September 2 hearing in Binance vs. Nigeria lawsuit. He clarifying that the determine cited by the Nigerian authorities is deceptive. “The Authorities has mentioned that we made $26B in income from Nigeria in 2023. That isn’t the case,” Teng acknowledged in an official statement.

He defined that the trade’s transaction quantity in Nigeria for 2023 was $21.6 billion, which is way lower than the claimed income generated within the area. Therefore, the precise income generated must be a lot lesser. The Binance CEO additional elaborated, “Our precise income relies on charging a small share of transaction charges, and we’re proud to supply our customers a number of the lowest charges of any trade globally.”

Teng Dismisses Claims Tied To Naira Devaluation

The case in opposition to the crypto exchange additionally contains allegations that the corporate’s actions contributed to the depreciation of the Nigerian Naira. Teng refuted these claims, attributing the naira’s decline to broader macroeconomic elements somewhat than Binance’s operations. “One other declare made by the Nigerian authorities was that Binance was chargeable for its forex’s decline, which isn’t backed up by info,” the Binance CEO asserted.

Teng supplied an in depth account of the Naira’s trade fee actions, noting that between 2021 and 2022, the naira traded inside a comparatively slender vary. He identified that probably the most vital drop occurred after the Nigerian authorities ended the Naira’s forex peg in June 2023, resulting in a dramatic depreciation.

“The Naira traded at a current low of USD1:1,660 on July 31, 2024, representing a 50% decline from the beginning of 2024,” Teng mentioned. He emphasised that this downward pattern continued even after the trade ceased providing its peer-to-peer (P2P) providers within the nation in February 2024.

Tigran Gambaryan’s Well being Worsens

A major side of the controversy entails the detention of Tigran Gambaryan. He’s Binance’s Head of Monetary Crime Compliance, who has been held in Nigeria since February. Binance CEO Teng expressed deep concern over Gambaryan’s deteriorating health and the Nigerian authorities’s refusal to supply enough medical care or permit him entry to authorized counsel.

“Tigran’s bodily and psychological situations have deteriorated quickly, and his scenario is now extra dire than ever. He’s in extreme ache and unable to stroll attributable to a herniated disc,” Teng revealed. The CEO additionally condemned the Nigerian authorities’s alleged failure to adjust to court docket orders demanding the discharge of Gambaryan’s medical data and the denial of entry to his U.S. consulate consultant.

Teng characterised these actions as “inexplicable” and appealed for Gambaryan’s launch on humanitarian grounds. “I enchantment as soon as once more for the Nigerian authorities to permit him to go residence to his household on humanitarian grounds in order that he can search the suitable medical therapy within the US,” Teng urged.

In his assertion, the Binance CEO known as on the U.S. authorities to intervene and designate Gambaryan as one among its “unlawfully detained” residents abroad. He additionally appealed to the worldwide group to voice their considerations in regards to the Nigerian authorities’s actions.

“Folks globally ought to add their voices and considerations, convincing the Nigerian authorities such unilateral motion with no sturdy foundation will probably be detrimental to the long-term financial improvement and well-being of the nation,” he mentioned.