The tension between Nigeria and Binance, the cryptocurrency exchange, has escalated dramatically. Nigeria has accused Binance and some of its top executives of tax evasion, just as one of them mysteriously vanished. However, let’s take a moment to pause.
As mentioned before, Nigeria’s tax agency, the Federal Inland Revenue Service, has pointed fingers at Binance for neglecting their tax obligations. They claim that the exchange has been ignoring value-added and corporation taxes. When it comes to taxes, there is no room for tardiness. These allegations have intensified the drama, especially since Nigeria is striving to escape an economic crisis.
Cryptocurrency exchanges have become major influencers in determining the value of Nigeria’s national currency, the naira. Among these exchanges, Binance reigns supreme as the most popular in Nigeria. The crypto trade in the country is flourishing, attracting attention like a booming bass drop. However, Nigeria took a tough stance against crypto exchanges recently, detaining two Binance executives for four weeks. It was not as amusing as it may seem.
Initially, Nadeem Anjarwalla and Tigran Gambaryan, the detained Binance executives, expected a casual visit. Instead, they found themselves in Nigeria for an extended period, with their passports confiscated. Anjarwalla, a mysterious individual holding both UK and Kenyan passports, managed to elude authorities and escape. However, it is clear that his escape was not a simple matter. Currently, an international manhunt, involving Interpol, is underway to find Anjarwalla.
Nigeria’s National Security Adviser’s office claims that Anjarwalla used a “smuggled” passport to deceive authorities. This explanation seems plausible. Those responsible for monitoring him are now facing serious consequences for allowing him to disappear. Nigerian authorities are not known for their leniency.
Nevertheless, Binance remains composed and asserts that they are cooperating with Nigerian authorities to resolve this issue. Just when it seemed that the situation couldn’t get more absurd, Nigeria accuses Binance of engaging in illicit activities, such as money laundering and financing terrorism. However, no evidence has been presented to the public.
In response, Binance promptly suspended naira transactions. So, what have we learned from this whirlwind of events? Firstly, the cryptocurrency industry is as unpredictable as a wild night in Las Vegas. Binance finds itself caught in the middle, contending with allegations, missing executives, and a community of users seeking their cryptocurrency fix.
