Binance CEO Richard Teng Challenges $26B Revenue Claim in Nigeria Lawsuit
- Binance CEO Richard Teng denies the Nigerian government’s claim of $26 billion in revenue, clarifying the transaction volume was $21.6 billion.
- Teng attributes the depreciation of the Nigerian Naira to macroeconomic factors, not Binance’s operations.
- Concerns over the health of Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, who has been detained in Nigeria since February.
Teng’s primary refutation centers on the misrepresented revenue figures, emphasizing that Binance’s actual earnings come from low transaction fees, not the alleged $26 billion.
The case’s outcome could significantly impact Nigeria’s regulatory landscape and Binance’s operations, highlighting the need for accurate financial reporting and fair legal proceedings.
