Binance CEO Richard Teng Refutes $26B Revenue Claim In Nigeria Lawsuit
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Binance CEO Richard Teng has issued a powerful response to the Nigerian government’s allegations regarding the company’s operations in the country.

The ongoing legal battle has seen Binance and two of its executives, Nadeem Arjarwalla and Tigran Gambaryan, face charges of money laundering and tax evasion. The case, initially scheduled for October 11, has now been brought forward to September 2 following requests from the defense.

Binance CEO Richard Teng Calls Out Nigerian Govt’s Misreporting

The Nigerian government claims that Binance earned $26 billion in revenue from its activities within the country in 2023. Teng, however, firmly denied this accusation ahead of the September 2 hearing in Binance vs. Nigeria lawsuit.

He clarifying that the figure cited by the Nigerian authorities is misleading. “The Government has said that we made $26B in revenue from Nigeria in 2023. That is not the case,” Teng stated in an official statement.

He explained that the exchange’s transaction volume in Nigeria for 2023 was $21.6 billion, which is much less than the claimed revenue generated in the region. Hence, the actual revenue generated has to be much lesser.

The Binance CEO further elaborated, “Our actual revenue is based on charging a small percentage of transaction fees, and we are proud to offer our users some of the lowest fees of any exchange globally.”

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