Quantcast

Financial policy analyst Anthony: Nigerian 'government’s on‐​again, off‐​again price controls have largely made a mess of the economy'

Crypto cybercrime in France: what tools to fight?
Crypto: Despite gloomy forecasts, Europe shows high optimism rate
Web3 Distributed AI Training Network PublicAI Raises $2M in Seed Funding Round
Robot trading: The best trading bots (2024)
Approval of Bitcoin ETFs: CFTC President calls for more regulation of cryptocurrencies
Bitcoin ETF: for Coinbase, this is the start of a major movement
French startup Sun Zu Lab raises $2 million with backing from Tim Draper
Swiss regulator approves first tokenization platform accessible to individuals
Le réseau social X agite DOGE et SHIB avec un compte 'Payments'
Are cryptocurrency payments on X coming soon?
FTX to be investigated by independent examiner
Exchanges between cryptocurrencies and stablecoins soon taxed in France? (cryptoast.fr)
Crypto: Europe is forging its digital future
Bloomberg analyst estimates 70% chance of Coinbase winning SEC case
Binance is investing in these projects, why not you?
Bitcoin ETFs now hold nearly $4 billion in assets
Bitcoinference 2024: a key meeting to learn about and discuss Bitcoin
Crypto crime falling sharply in 2023, but stablecoins dominate, says Chainalysis
Deal on a single rulebook against money laundering and terrorist financing
"ECB to Cut Rates This Summer"
Europe: crypto companies will have to watch for transactions above €1000
Gemini, the Winklevoss crypto exchange, is coming to France
Circle CEO predicts US stablecoin law for 2024
Gemini obtains VASP approval in France: CNBC
Cryptocurrencies: the European Banking Authority “harmonizes” the PSAN sector
The major crypto trends of 2024 according to Binance Research
Crypto fintech Ripple discusses IPO abroad
Falling interest rates: what consequences for the crypto sector?
Bitcoin Spot ETF: how can I access it in Europe?
PayPal's stablecoin continues its rise with a market cap of more than $290 million
Financial policy analyst Anthony: Nigerian 'government’s on‐​again, off‐​again price controls have largely made a mess of the economy'
Webp tigrantinubu
Binance Head of Financial Crime Compliance Tigran Gambaryan (left) and Nigerian President Bola Ahmed Tinubu (right) | LinkedIn/tigran-gambaryan, statehouse.gov.ng

Nicholas Anthony, a policy analyst at the Cato Institute's Center for Monetary and Financial Alternatives, has stated that if the Nigerian government had refrained from implementing "on‐again, off‐again price controls," they might not be blaming the cryptocurrency exchange Binance "for the naira’s latest crash." Anthony shared these insights on April 11 in a commentary posted on the Cato Institute's website titled "Nigeria’s Government Is Blaming Binance for Its Own Mismanagement."

"Taking accountability for mismanaging the naira begins with letting the market, and the market alone, decide the exchange rate for the naira," said Anthony. "The government's on‐again, off‐again price controls have largely made a mess of the economy. In fact, had the government not placed such a heavy hand on exchange rates, it's unlikely that Binance would have ever been blamed for the naira's latest crash considering part of the accusation was that Binance manipulated the exchange rates."

In his commentary, Anthony pointed out that the Nigerian government had engaged in "years of currency mismanagement." Consequently, many Nigerians turned to cryptocurrency as a means to gain exposure to alternative currencies. When the naira crashed again in February, government officials singled out cryptocurrency as the cause. Officials then invited Binance to send representatives to Nigeria to discuss the situation. However, upon arrival, these employees were detained and placed under house arrest. Among them was Tigran Gambaryan, an American citizen and former U.S. federal government agent.

Get the Newsletter
Sign-up to receive weekly round up of news from Crypto Republique
By submitting, you agree to our Privacy Policy and Terms of Service. By providing your phone number you are opting in and consenting to receive recurring SMS/MMS messages, including automated texts, to that number from our short code. Msg & data rates may apply. Reply HELP for help, STOP to end. SMS opt-in will not be sold, rented, or shared.

According to The Conversation, Nigeria's inflation rate escalated from 28.92% in December to 29.90% in January - a peak unseen in two decades. The value of the naira depreciated by 69% between June 2023 and mid-February 2024. As a result, Nigerian residents are grappling with skyrocketing costs for basic necessities while the country's economic predicament shows little sign of improvement without fiscal discipline from its government.

Gambaryan joined Binance in 2021 as Vice President of Global Intelligence and Investigations, according to information available on Binance's website. Prior to this role, Gambaryan spent ten years as a special agent with the Internal Revenue Service—Criminal Investigation (IRS-CI) Cyber Crimes Unit based in Washington D.C.. During his tenure at IRS-CI, Gambaryan spearheaded several multi-billion dollar cyber investigations, including those into Silk Road and the Mt. Gox hack.

In an April 4 post on Binance's website, the company "respectfully requests that Tigran Gambaryan, who has no decision-making power in the company, is not held responsible while current discussions are ongoing between Binance and Nigerian government officials." The post further highlighted that Gambaryan "is a strict law enforcement professional" whose team has responded to over 600 information requests from Nigerian law enforcement since he joined the company in 2021.

Anthony's research, as stated on the Cato Institute website, primarily focuses on monetary and financial economics. He is recognized as an expert on topics such as cryptocurrency, central bank digital currency, and financial privacy. Additionally, he holds a fellowship at the Human Rights Foundation.

More News

Brad Garlinghouse, CEO of Ripple, said that the company enables global financial institutions to enhance cross-border payments and efficiency through digital technology.

Jul 9, 2025

Changpeng Zhao, founder of Binance, said that a move for Fannie Mae and Freddie Mac to count bitcoin as a mortgage asset signals a shift in the American Dream.

Jul 7, 2025

Binance has announced the launch of PIXEL APR Boost Airdrop Rewards for the 11th project on BNSOL Super Stake, in collaboration with Pixels (PIXEL), a web3 game on the Ronin Network.

Jul 7, 2025

Michael Saylor, executive chairman of Strategy (formerly MicroStrategy), said that public companies increased their bitcoin holdings more rapidly than exchange-traded funds (ETFs) in the second quarter.

Jul 5, 2025

CoinFlip, a global digital currency platform, has announced the launch of a new user interface for its CoinFlip Preferred service.

Jun 30, 2025

Gum Shoe, a crypto influencer, has highlighted the long wait times and high fees at Coinbase compared to better service at Binance as evidence of the need for increased competition among U.S. crypto exchanges.

Jun 23, 2025