Nigeria invites two Binance executives to the country and then detains them.
Inputs that matter: ABC reports, "Nigeria is Africa's largest crypto economy in terms of trade volume with many citizens using crypto to hedge their finances against surging inflation and the declining local currency."
- CoinDesk details that after weeks in custody, "Nadeem Anjarwalla has escaped."
- CNBC explains, "Binance faces charges of alleged non-payment of Value-Added Tax (VAT) and company income tax, failure to submit tax returns and complicity in aiding customers to evade taxes through its platform, the reports said."
- Quartz states, "The tussle between Nigeria and Binance began in February when the country alleged the crypto exchange of destabilizing the national currency, the naira."
- "The West African country, known for being a global crypto hub, has been suffering an economic crisis for some time."
The opportunity: BBC explains, "Nadeem Anjarwalla, a British-Kenyan dual national, was arrested in February with his US colleague Tigran Gambaryan."
- "The country is now "working with Interpol for an international arrest warrant on the suspect", the Office of the National Security Adviser (ONSA) said in a statement."
- ABC confirms, "Binance stopped all trading with the Nigerian naira currency on its platform in early March."
Zoom in: CNBC reports, "Nigeria's Federal Inland Revenue Service (FIRS) Monday announced that four new charges relating to tax evasion had been filed at the Federal High Court in Abuja."
- Business Insider details Binance's Africa manager, Nadeem Anjarwalla, reportedly fled the country after being taken to pray at a mosque.
- Binance released a statement: "Our primary focus remains on the safety of our employees, and we are working collaboratively with Nigerian authorities to resolve this issue quickly."
Between the lines: CoinDesk writes, "News of the charges follows weeks of scrutiny and criticism of the crypto exchange by the Nigerian government."
- "Last year, the country's Securities and Exchange Commission said Binance Nigeria was not authorized to operate in the country."
Follow the money: Business Insider explains that the Nigerian naira plunged 70% against the US dollar over the past year due to Nigerians storing their money in alternative assets like Bitcoin.
- Nigerian officials have cracked down on crypto exchanges operating in their country.
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Read More
- https://www.bbc.com/news/world-africa-68656119
- https://www.cnbc.com/2024/03/25/binance-executive-escapes-nigerian-custody-as-authorities-file-new-tax-charges.html
- https://abcnews.go.com/International/wireStory/binance-executive-detained-nigeria-amid-crypto-crackdown-escaped-108474107
- https://qz.com/binance-crypto-executive-escapes-nigeria-fake-passport-1851363821
- https://www.efinancialcareers.com/news/hong-kong-bankers-want-to-live-in-singapore
- https://www.coindesk.com/policy/2024/03/25/nigeria-charges-binance-with-tax-evasion-reports/
- https://www.coindesk.com/policy/2024/02/29/nigeria-detains-binance-executives-as-it-investigates-the-crypto-exchange-reports/
- https://www.businessinsider.com/bitcoin-crypto-binance-exec-on-run-nigeria-tax-evasion-2024-3