According to a statement by Nigeria's Federal Board of Inland Revenue, Binance faces tax evasion charges. The Federal Inland Revenue Service (FIRS) announced the charges against Binance, naming two detained executives, at the Federal High Court in Abuja. Binance is accused of multiple tax offences, including failure to pay Value-Added Tax (VAT) and Company Income Tax and enabling tax evasion through its platform.
The Nigerian government has closely scrutinised Binance, even detaining two executives over allegations of processing criminal funds and manipulating the local currency exchange rate. One of the arrested executives, Nadeem Anjarwalla, reportedly managed to escape.
