Binance and its executives accused of tax fraud in Nigeria
The Nigerian authorities have filed charges of tax fraud against Binance, the world’s largest cryptocurrency exchange platform.
🚨 One of the two Binance executives detained in Nigeria has reportedly escaped from prison and left the country.
— Coin Academy (@coinacademy_fr) March 25, 2024
Binance in Nigeria: A tense situation
The past few weeks have been marked by growing tension between Binance and the Nigerian government, culminating in the arrest of two senior executives by local authorities.
The government alleges that the platform has processed billions of dollars in criminal funds and has set an exchange rate for the local currency, devaluing the naira.
The charges against Binance and its leaders include non-payment of Value Added Tax (VAT), Corporate Income Tax, failure to file tax returns, and alleged complicity in assisting clients in evading taxes through its platform.
The prison escape of a Binance executive
The escape of one of the detained executives, Nadeem Anjarwalla, as reported by local media and confirmed by the presidential spokesperson, adds another layer of complexity to this already charged case. Binance has been informed by authorities that Anjarwalla is no longer in detention in Nigeria.
According to Premium Times, Mr. Anjarwalla fled and took an international flight on March 22 after requesting to attend Ramadan prayers at a mosque.
