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Binance Hit with Tax Charges in Nigeria, Execs Held

The globe's leading cryptocurrency exchange, finds itself embroiled in tax evasion allegations in Nigeria
March 26, 2024

Binance, the renowned global cryptocurrency exchange, finds itself embroiled in a tax evasion controversy in Nigeria, marking a significant escalation in its ongoing dispute with Nigerian authorities.

The Federal Inland Revenue Service (FIRS), Nigeria’s tax watchdog, recently unveiled charges against Binance, alleging various counts of tax evasion. Reports suggest that two high-ranking Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, have been apprehended by Nigerian authorities.

The charges, filed at the Federal High Court in Abuja, encompass accusations of non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and aiding customers in evading taxes through the Binance platform.

The detained executives are currently in custody under the Economic and Financial Crimes Commission (EFCC), facing allegations of neglecting to register Binance with the FIRS for tax purposes and violating tax regulations within Nigeria.

This development underscores a broader dispute between Binance and Nigerian authorities, leading to the suspension of services involving the Nigerian naira (NGN) and a hefty $10 billion fine imposed by the Nigerian government.

As tensions escalate, pressure mounts on the U.S. administration to intervene and secure the release of the detained Binance executives, emphasizing the significance of diplomatic efforts in addressing the situation.

The unfolding events highlight the complexities and challenges faced by cryptocurrency exchanges operating within evolving regulatory landscapes, underscoring the need for transparent compliance and regulatory cooperation to navigate such turbulent waters.

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