Nigeria's information minister reveals the real reasons behind the arrest of Binance's top executive
Nigeria's Information Minister revealed that the annual cash turnover of the world's largest crypto exchange Binance in Nigeria exceeds $20 billion, but the company does not pay taxes to the local treasury. Therefore, when the top managers of the exchange traveled to this African country, they were detained "for inciting the devaluation of the Nigerian naira and conducting illegal business."
Mohammed Idris clarified that Binance's head of financial crime, Tigran Gambaryan, who failed to flee Nigeria like his colleague, is also charged with complicity in money laundering.
"$20 billion is far more than Nigeria's health and education budget. Binance's activities are fueling currency speculation and exacerbating the crisis in the country. In addition, Binance is not registered in Nigeria and has never paid taxes in our jurisdiction. All this while operating without oversight," the official complained.
The minister's explanation came in response to allegations by U.S. authorities that Gambarian was illegally detained. A group of former U.S. prosecutors recently called on the administration of President Joe Biden to help secure the release of the U.S. citizen.