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The Federal Government has taken legal action against Binance, a prominent cryptocurrency exchange platform, over allegations of tax evasion. The charges were filed at the Federal High Court in Abuja by the Federal Inland Revenue Service (FIRS). In the suit with number: FHC/ABJ/CR/115/2024, the FIRS implicated Binance with four tax evasion accusations, stating that this move aims to uphold fiscal responsibility and safeguard the economic integrity of the country.
Accusations and Implications
The charges leveled against Binance include non-payment of value-added tax, company income tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform. The Federal Government also accused Binance of failing to register with the FIRS for tax purposes and contravening existing tax regulations within the country.
Legal Consequences
Section 40 of the FIRS Establishment Act 2007, as amended, addresses the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities. The charges provide specific instances where Binance allegedly violated tax laws, such as the failure to issue invoices for value-added tax purposes, hindering the determination and payment of taxes by subscribers.
Binance, which recently pleaded guilty to flouting anti-money laundering laws in the United States, settling for a plea bargain of $4.3 billion, now faces legal consequences in Nigeria. The company’s senior executives, Tigran Gambaryan and Nadeem Anjarwalla, are currently under the custody of the Economic and Financial Crimes Commission.
This article was updated 2 months ago
