- Richard Teng, the CEO of Binance, has clarified that the crypto exchange platform did not generate $26 billion in revenue from Nigeria in 2023. He emphasised that the platform's revenue comes from charging a small percentage in transaction fees, noting that Nigeria has never been a major market for Binance.
- He confirmed the $21.6 billion figure is the total transaction volume in 2023, using the context of trading $1000 in a thousand times to generate $1 million in transaction volume.
- Teng issued this clarification in a statement calling for the release of its detained executive, Tigran Gambaryan, by the Nigerian government ahead of another hearing scheduled for September 2, 2024.
He elaborated that the company is not accountable for the decline in the country's currency, attributing it to broader macroeconomic factors rather than its operations.
In February, two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, were detained in Nigeria on charges of tax evasion and money laundering. While Anjarwalla reportedly escaped, Gambaryan has been repeatedly appearing in court.
As the detention continued, Teng accused the Nigerian government of denying Gambaryan necessary medical care and access to legal counsel. He voiced concern about the ‘long-term, potentially irreversible physical and mental impact this horrific episode is having on Tigran’, and appealed to the government for his release.
“We are now at the six-month mark of Tigran Gambaryan's unjust detention. Tigran’s physical and mental conditions have deteriorated rapidly, and his situation is now more dire than ever. He is in severe pain and unable to walk due to a herniated disc. Despite his condition, the Nigerian government has denied him adequate medical care, including basic needs such as access to a wheelchair,” he said.
He argued that it is needless to imprison an ‘innocent employee’ to address allegations against Binance, noting that the company has successfully resolved issues with governments in the US, Thailand, Brazil, and India amicably without causing harm to its employees.
While calling for the intervention of the US and global advocacy, he expressed a hope that once these issues are resolved, Binance can collaborate with the Nigerian government to advance the Web3 industry and create more opportunities.
What’s more, Gambaryan’s wife, Yuki, has also made a public appeal for his release. She highlighted the emotional and physical toll the detention has taken on their family. In her video plea, Yuki stresses the urgent need for medical treatment to prevent permanent damage, expressing concerns that the conditions of his detention could have lasting consequences.
