Cryptocurrency exchange Binance faces new tax evasion charges in Nigeria, as one of its executives escapes custody and the other remains detained. The Federal Inland Revenue Service in Nigeria has filed charges against Binance for alleged non-payment of taxes and aiding customers in tax evasion. The company’s executives, Tigran Gambaryan and Nadeem Anjarwalla, are also facing charges and were remanded in custody. Anjarwalla escaped from custody, prompting efforts to secure an international arrest warrant.
The families of the detained executives have pleaded for their return, emphasizing their innocence in the matter. Gambaryan and Anjarwalla were initially taken into custody without being charged, with the Nigerian government accusing Binance of negatively impacting the local currency. The Nigerian naira has significantly depreciated, leading residents to turn to cryptocurrencies to safeguard their savings.
The Nigerian government’s concerns with Binance include lack of transparency in money movements and facilitating speculation on the local currency’s price. The government accused Binance of money laundering and enabling collusion in trading to manipulate exchange values. Binance has since closed its peer-to-peer trading platform in Nigeria in response to these allegations.
This is not the first time that Nigeria has clashed with Binance, as the Securities and Exchange Commission previously warned against engaging with the exchange due to the risks involved. The situation underscores the challenges and complexities surrounding cryptocurrency exchanges in regulatory environments. Stay tuned for updates as the story continues to unfold.
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