Nigeria Accuses Binance of Tax Evasion: Reports
Nigerian authorities have reportedly accused Binance of tax evasion, according to multiple local news outlets. This development comes after a tense period between the cryptocurrency exchange and the Nigerian government, which resulted in the detention of two senior executives from the company. It has also been reported that one of the executives has managed to escape and may have left the country.
Binance, the largest crypto exchange globally, is facing charges of tax evasion as tensions escalated between the exchange and the Nigerian government in recent weeks. The Federal Inland Revenue Service (FIRS) announced the charges, which were filed at the Federal High Court in Abuja with case number FHC/ABJ/CR/115/2024, as stated by one media outlet. The exchange is being accused of four counts of tax evasion, including failure to pay Value-Added Tax (VAT), Company Income Tax, non-submission of tax returns, and aiding customers in evading taxes through its platform.
The news of the tax evasion charges follows weeks of scrutiny and criticism by the Nigerian government towards the crypto exchange. The government alleges that Binance processed billions of dollars of suspected criminal funds and manipulated the exchange rate for the local currency, the naira.
Meanwhile, it has been reported by Premium Times that one of the two detained Binance executives, Nadeem Anjarwalla, has managed to escape, as confirmed by sources familiar with the matter.
CoinDesk has reached out to Binance for comment on this matter.