Nigeria escalates its legal battle with Binance, accusing the crypto exchange of tax evasion and economic damage.
Allegations Against Binance
Nigeria's Federal Inland Revenue Service accuses Binance of failing to pay $2 billion in taxes between 2022 and 2023, and demands a 26.75% interest. The government claims Binance's platform facilitated currency speculation, impacting the naira's value. Two Binance executives were detained in February, but tax charges were dropped in June.
Nigeria’s Crackdown on Crypto
Nigeria has tightened its regulations on digital assets, accusing exchanges of enabling money laundering and tax evasion. Along with Binance, other platforms are also under scrutiny.
Binance’s Response
Binance denies the allegations, stating it doesn’t operate a registered entity in Nigeria. The company emphasized its commitment to compliance, including halting naira transactions in 2023. Binance has not issued a public statement regarding the latest lawsuit.
The legal battle in Nigeria further complicates Binance's global operations and could set a precedent for crypto regulation in other countries.
