Nigeria declined Binance's $5 million offer to settle tax concerns and release the company's financial crimes compliance chief, Tigran Gambaryan.
Binance's Offer and Nigeria's Stance
In August 2024, Binance proposed paying Nigeria $5 million to settle tax disputes and secure the release of Tigran Gambaryan. However, Nigerian officials found the amount insufficient compared to Binance's earnings in the country and demanded full tax compliance.
Arrest and Accusations
Tigran Gambaryan and the company's African regional manager, Nadeem Anjarwalla, were arrested on February 26, 2024. Nigeria accused Binance of illegal operations, facilitating financial law evasion, and destabilizing the country's economy through its P2P trading system.
Next Steps and Legal Consequences
With no agreement reached, Binance faces multiple lawsuits in Nigeria. The Economic and Financial Crimes Commission charged it with money laundering, and the Federal Inland Revenue Service sued for $2.001 billion in unpaid taxes and over $79 billion in damages.
The conflict between Nigeria and Binance continues, posing significant financial and legal challenges for the company in the country.
