Binance Faces Tax Evasion Charges in Nigeria, Executives Detained

Binance, the leading cryptocurrency exchange, is facing intensified scrutiny from Nigerian authorities over allegations of tax evasion. The charges, announced by the Federal Inland Revenue Service (FIRS), include non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and aiding customers in tax evasion through its platform.

Binance and Nigeria
Binance and Nigeria

The Nigerian government, which has been critically examining Binance’s operations for weeks, claims the platform processed billions of dollars in suspected criminal funds and manipulated the exchange rate for the local currency, the naira.

In a surprising turn of events, one of the two Binance executives detained by the government, Nadeem Anjarwalla, has reportedly escaped custody, according to local media reports. Binance confirmed to Bloomberg that they were informed by authorities of Anjarwalla’s escape.

This development marks a new chapter in the ongoing standoff between Binance and Nigerian authorities, drawing global attention to the regulatory challenges faced by cryptocurrencies.