**Nigeria Reveals Reasons Behind Binance Executive Arrest** ๐ณ๐ฌโ๏ธ
Nigeria's Information Minister, Mohammed Idris, has shed light on the dramatic arrest of a top executive from Binance, the world's largest cryptocurrency exchange. The minister revealed that Binance's annual cash turnover in Nigeria exceeds $20 billion, yet the company hasn't paid any taxes to the local treasury. ๐ซ๐ฐ
When Binance's senior managers visited Nigeria, they were detained on charges of "inciting the devaluation of the Nigerian naira and conducting illegal business." Specifically, Tigran Gambaryan, Binanceโs head of financial crime, was unable to flee like his colleague and now faces charges of complicity in money laundering. ๐ต๏ธโโ๏ธ๐ธ
Key Points from the Minister's Statement:
- Massive Turnover, No Taxes:"$20 billion is far more than Nigeria's health and education budget," Idris highlighted, pointing out that Binance's operations are fueling currency speculation and worsening the economic crisis in Nigeria. ๐๐๐ฉบ
- Lack of Registration and Oversight:Binance operates in Nigeria without being registered or paying taxes, leading to unregulated activities that have significant economic repercussions. ๐จ๐
International Controversy:
The minister's clarification came in response to allegations by U.S. authorities that Gambaryan was illegally detained. A group of former U.S. prosecutors has urged President Joe Bidenโs administration to intervene and secure the release of the U.S. citizen. ๐บ๐ธ๐
This unfolding story highlights the tension between national financial regulations and global cryptocurrency operations. Stay tuned for more updates on this high-stakes situation! ๐โ๏ธ๐$BTC $ETH $BNB #BTCFOMCWatch #CPIAlert #TopCoinsJune2024 #ETHETFsApproved #FIT21
