Nigerian Minister: Binance Fails to Pay Taxes on Over $20 Billion Turnover

In 2023, Binance generated revenues exceeding $20 billion in Nigeria; however, the company has not paid taxes, a government minister disclosed. The Nigerian official also seemed to refute U.S. lawmakers’ claims that Tigran Gambaryan, an imprisoned Binance executive, is being held hostage by his government.

Tigran Gambaryan Detained on Allegations of Contributing to Naira Depreciation

The global cryptocurrency exchange Binance reported a turnover exceeding $20 billion in Nigeria for 2023, yet it failed to pay taxes, according to the country’s information minister. The minister, Mohammed Idris, also maintained that Tigran Gambaryan, the imprisoned Binance executive, is being detained for his role in fueling the naira’s depreciation and conducting unregistered business activities in Nigeria.

Idris’s comments seemed to be a direct response to the United States’ allegations that Gambaryan is effectively being held as a hostage by the Nigerian government. As Bitcoin.com News reported, U.S. legislators have called on the Biden Administration to give priority to Gambaryan’s situation by transferring it to the Office of the Special Presidential Envoy for Hostage Affairs.

Former prosecutors and federal agents have also rallied behind Gambaryan, pressing the U.S. government to facilitate his release. Nonetheless, Idris rejected attempts to depict the Binance executive’s situation as wrongful imprisonment by a foreign government. In a statement, the Nigerian minister asserted that Binance’s turnover far surpassed the funds designated for health and education.

“It would be recalled that Binance had a turnover in Nigeria of over US$20 billion in 2023 alone, far above the federal budget for health and education, fueling currency speculation and the cost-of-living crisis. In addition, it is not registered in Nigeria and neither has it ever paid any taxes within the Nigerian jurisdiction, having all the while operated without oversight or any of the normal guard rails to flag criminal activity,” Idris reportedly said.

The minister also suggested that Binance executives have a history of being fined, banned, or imprisoned for disregarding laws. Therefore, he believes there is nothing amiss with how his country is handling Gambaryan’s case.

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