Binance made over $20bn in 2023 yet paid zero tax – Nigerian Govt

According to the Nigerian government, Binance, a cryptocurrency platform, generated over $20 billion in revenue from operations within the country, yet the company did not pay any taxes to the nation.

The revelation was made in a statement released on Wednesday by Mohammed Idris, the Minister of Information and Orientation, in response to the claim that two executives from Binance, Tigran Gambaryan and Nadeem Anjarwalla, were being unlawfully detained in Nigeria.

The Minister explained that the two executives were detained for promoting currency speculation and running unregistered commercial operations in Nigeria, even though one of them is still at large.

Recall that Binance generated over US$20 billion in revenue in Nigeria in 2023 alone—a sum that is significantly greater than the government’s allocation for healthcare and education—which fueled currency speculation and the country’s rising cost of living.

Furthermore, he stated, “It has never paid taxes within Nigerian jurisdiction, nor is it registered there. It has operated without oversight or any of the standard safeguards to identify illegal activity.”

Remember when the Nigerian authorities detained Gambaryan and Anjarwalla on February 28 on suspicion of engaging in currency speculation?

It was confirmed in March that Anjarwalla had escaped from jail.

Gambaryan was charged by the Nigerian government in April with tax evasion and other offenses that may have involved money laundering.

Despite being on the run, Anjarwalla and Binance were joined in the lawsuit.

Gambaryan was ordered to stay in Kuje Correctional Center until his trial was reopened by the federal high court in May after being denied bail.

Aluko & Oyebode, the legal company representing Binance Holdings Limited, stated in a recent development in the trial that Mr. Tigran Gambaryan might pass away while being held in Kuje prison and demanded his release.