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

The Nigerian government has said the turnover of Binance, a cryptocurrency platform, surpassed $20 billion from activities in Nigeria, yet the firm paid zero tax to the country.

The Minister of Information and Orientation, Mohammed Idris disclosed this in a statement on Wednesday while reacting to the allegation that two Binance executives Tigran Gambaryan and Nadeem Anjarwalla were illegally held in custody in Nigeria.

The Minister clarified that the two executives, although one is currently at large, were held for fueling currency speculation and operating non-registered business activities in Nigeria.

“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”, he said.

Recall that on February 28, Gambaryan and Anjarwalla were arrested by the Nigerian government on the allegation of currency speculation.

Anjarwalla was confirmed to have escaped custody in March.

In April, the Nigerian government arraigned Gambaryan in court for tax evasion and other charges bordering on money laundering.

Anjarwalla, though on the run, was joined in the suit with Binance.

In the federal high court in May, Gambaryan was denied bail and was ordered to be kept in Kuje Correctional Centre pending the recommencement of his trial.

Meanwhile, in a recent unfolding of the trial, Aluko & Oyebode, the law firm handling the case of Binance Holdings Limited, said Mr Tigran Gambaryan may die in custody in Kuje prison and called for his release.