March 25, 2024
Lagos, Nigeria - The Nigerian government has charged Binance, the world's largest cryptocurrency exchange, with tax evasion. Two senior Binance executives have also been detained by the government.
The charges were filed at the Federal High Court in Abuja by the Federal Inland Revenue Service (FIRS). Binance is accused of non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and aiding customers in evading taxes through its platform.
The charges come after weeks of scrutiny and criticism of Binance by the Nigerian government. The government has accused the exchange of processing billions of dollars worth of suspected criminal funds and setting an exchange rate for the local currency, the naira.
Two senior Binance executives, including Nadeem Anjarwalla, were detained by the government in connection with the investigation. However, Premium Times reported over the weekend that Anjarwalla has escaped and may have left the country. Presidential spokesman Bayo Onanuga confirmed the escape to Bloomberg.
Binance has not yet commented on the charges or Anjarwalla's escape.
The charges against Binance and the detention of its executives are a significant development in the ongoing regulatory scrutiny of cryptocurrency exchanges. The case could have implications for other exchanges operating in Nigeria and could lead to increased regulation of the cryptocurrency industry in the country.
About Binance
Binance is the world's largest cryptocurrency exchange by trading volume. It was founded in 2017 and is headquartered in the Cayman Islands. Binance offers a wide range of cryptocurrency trading services, including spot trading, margin trading, and futures trading.
About the Nigerian Government's Investigation
The Nigerian government has been investigating Binance for several months. The government has accused the exchange of processing billions of dollars worth of suspected criminal funds and setting an exchange rate for the local currency, the naira.
The government's investigation has led to the charges against Binance and the detention of two of its executives. The case is ongoing and could have significant implications for the cryptocurrency industry in Nigeria.
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