Binance Rakes in $20 Billion from Nigeria in 2023, Surpassing Health and Education Budgets, Says Minister

The Minister of Information, Idris Mohammed, has said Binance Nigeria’s revenue was over $20 billion in Nigeria in 2023 alone.  

Idris made this disclosure in a statement on Wednesday communicated by his spokesperson,  Rabiu Ibrahim. He reacted to the claim that the executive, Tigran Gambaryan, of the crypto platform was illegally held in the country.  

Minister Claims Binance Nigeria Revenue Not Taxed 

According to the Minister, Binance turnover was not taxed by the government, and it is more than Nigeria’s budget for education and health.  Also, the Minister clarified that the executive was held for fueling currency speculation and operating non-registered business activities in Nigeria. 

He highlighted that the turnover Binance had in 2023 was not taxed and Binance wasn’t registered. 

The minister claimed that Binance had a turnover in Nigeria of over US$20 billion in 2023 alone. According to him, this was far above the federal budget for health and education, fueling currency speculation and the cost-of-living crisis.

He highlighted that “In addition, it is not registered in Nigeria, and neither paid any taxes within the Nigerian jurisdiction. This is despite operating without oversight or any of the normal guard rails to flag criminal activity.”

Binance Nigeria Not The Only Branch Facing Legal Actions

The minister also pointed out that Nigeria is not the only country Binance has faced legal actions.

The crypto platform has also been in the crosshairs with the law in North America, Europe, and Asia. Some of its representatives have been imprisoned, fined, sanctioned, or banned.

This includes its founder, Changpeng Zhao, who is currently held in prison in the US.

Minister Binance Nigeria Revenue “Talk” A Response To American Lawmaker’s Accusation

This development comes as a response to accusations by 16 American lawmakers that the Binance head of financial crime compliance, Tigran Gambaryan, was being held hostage in the West African country. 

Recall two Binance executives, Tigran Gambaryan, a U.S. citizen and Head of Financial Crime Compliance, and Nadeem Anjarwalla, a British Kenyan and Regional Manager for Africa were arrested and detained by Nigerian authorities.

They were subsequently charged to court on four counts bordering on tax evasion and money laundering. However, Anjarwalla is currently on the run.

However, the American lawmakers highlights that the executive was unlawfully detained for three months in Nigeria. They urged the American President, Joe Biden, to treat Gambaryan’s case as a hostage situation and bring him back to the U.S.

They finally said, “We fear for his life. Immediate action is essential to ensure his safety and preserve his life. We must act swiftly before it is too late.”