Binance Charged With Tax Evasion by Nigeria?
According to multiple local news outlets Nigerian authorities have reportedly charged Binance with tax evasion.
The allegations follow a tumultuous few weeks in which the exchange and the Nigerian government exchanged accusations, leading to the detention of two senior executives of the company by the authorities.
According to local media reporting one of the two executives has escaped and perhaps left the country.
The largest cryptocurrency exchange, Binance has been charged with tax evasion by the authorities in Nigeria with the intensifying deadlock between the two parties in previous weeks as per multiple local news outlets reporting on Monday citing a statement from a tax watchdog of the country.
According to a report by an outlet, the Federal Inland Revenue Service (FIRS) announced the accusations and filed them at the Federal High Court in Abuja.
With four counts of tax aversion, the leading crypto exchange has been charged which includes, non-payment of value-added tax (VAT), failure to tax returns, Company Income Tax, and complicity in aiding customers to evade taxes through its platform.
The Nigerian government has been examining and criticizing the cryptocurrency exchange for weeks; it even invited and then detained two executives from Binance. The news of the tax evasion allegations comes after this.
According to the Nigerian government, Binance processed billions of dollars worth of suspected criminal funds setting an exchange rate for Naira, the local currency.
Meanwhile, Nadeem Anjarwalla, one of the two senior executives being held by the government has managed to escape according to Premium Times citing persons familiar with the situation over the weekend.
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