REGULATION | Binance Had an Untaxed Turnover of $20 Billion in Nigeria in 2023 Alone, Far Above the Federal Budget for Health and Education, Says Minister of Information

The Minister noted that Binance's turnover was not taxed by the government and exceeded Nigeria's budget for education and health.

Crypto trading platform, Binance, had a turnover of over $20 billion in Nigeria in 2023 alone according to Nigeria’s Minister of Information, Idris Mohammed.

The Minister noted that Binance’s turnover was not taxed by the government and exceeded Nigeria’s budget for education and health.


“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.”


Per local reports, the minister’s remarks were delivered by his spokesperson, Rabiu Ibrahim, in response to claims that a Binance senior official was unlawfully detained in the country.

He further highlighted that Binance has faced legal actions and penalties in North America, Europe, and Asia, resulting in some of its representatives being imprisoned, fined, sanctioned, or banned in recent years.


“It is important that Binance is prefaced as an entity whose representatives have been variously imprisoned, fined, sanctioned, and banned in North America, Europe, and Asia, in recent years,” Mohammed said. 


His remarks come amid growing pressure to release Tigran Gambaryan, the Head of Financial Crime compliance at Binance facing charges from the EFCC related to money laundering and the financing of terrorism.


In a June 4 2024 letter to President Joe Biden, 16 U.S. congressmen, led by Chairman of the House Foreign Affairs Committee Michael McCaul, accused Nigeria of holding Tigran Gambaryan ‘hostage.’

The lawmakers requested that Biden transfer Gambaryan’s case to the Office of the Special Presidential Envoy for Hostage Affairs.


“The charges against Mr. Gambaryan are baseless and constitute a coercion tactic by the Nigerian government to extort his employer, Binance.  “Following these charges, Mr. Gambaryan qualifies as a ‘U.S. Citizen wrongfully detained by a foreign government,’” they said.




Follow us on Twitter for latest posts and updates

Join and interact with our Telegram community