#worldnews #Binance #Nigeria⚠️ Binance does not pay taxes and does not repay debts⠀
Nigerian authorities have accused Binance of failing to pay taxes on an astronomical amount. The exchange has no local registration, actively fuels currency speculation, and exacerbates the country's cost of living crisis. Biden was asked to intervene, but the U.S. president is uninterested in such trivialities.
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The crypto exchange's turnover has far exceeded the local federal budget for health and education. Binance generated over $20 billion in revenue in
Nigeria in 2023 alone, but it has never paid any taxes and has no intention of changing this tactic.
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The accusations are not limited to Binance as an entity, but also extend to its top manager Tigran Gambaryan and the exchange's West and East Africa director Nadim Anjarwalla. They are accused of tax evasion, money laundering of at least $21.6 billion, and conducting specialized financial activities without a license.
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Tigran Gambarian is currently detained for helping to devalue the naira and conducting unregistered business activities in
Nigeria. Earlier, members of the U.S. Congress and a group of American ex-officials called on President Biden and Secretary of State Blinken to assist in returning Gambarian to his home country.
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Nigeria denies any speculation that it is holding the exchange's staff hostage and says the legal process is within the law. The exchange has repeatedly been the subject of investigations in other jurisdictions and has always resolved such issues with money, but the conflict in
Nigeria risks a major blow to its reputation.
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In addition to being required to settle any outstanding tax liabilities and pay an additional $10 billion fine, the exchange has been required to provide the confidential data of all Nigerian users and their transaction history. If Vinapse does this, trust in the cryptocurrency business will be severely damaged.
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So, stock up on popcorn - the Show Must Go On.⠀
Profits to y’all!