Binance Faces Tax Evasion Charges in Nigeria, Executives Detained
Binance , the world’s largest cryptocurrency exchange, is facing tax evasion charges in Nigeria, as the dispute between the exchange and Nigerian authorities escalates.
The country’s tax watchdog, the Federal Inland Revenue Service (FIRS), announced the charges against Binance and revealed that two Binance executives have been detained by the government, local media outlets reported Monday.
The charges were filed at the Federal High Court in Abuja and include four counts of tax evasion, encompassing allegations of non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through the Binance platform.
The two detained executives, Tigran Gambaryan and Nadeem Anjarwalla, both senior officials at Binance, are currently in custody under the Economic and Financial Crimes Commission (EFCC).
The Nigerian government accuses Binance of neglecting to register with the FIRS for tax purposes and violating tax regulations within the country.
One of the charges focuses on Binance’s alleged failure to collect and remit various types of taxes as required by Section 40 of the FIRS Establishment Act 2007.
This section specifically addresses the non-deduction and non-remittance of taxes, outlining penalties and potential imprisonment for entities found in violation.
After these binance guys already pleaded guilty for evading tax, why the guy come elope?
It is very sad sha. However, the tax must be paid! . The federal government must not let this go
Same you who paid $4.3 billion in the US, must pay in Nigeria for too. Lobatan
— Queen of the West (@TheAbisolaa) March 25, 2024
The charges detail specific instances where Binance is accused of violating tax
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