Binance has been scheduled to face tax evasioncharges in Nigeria on October 11, Reuters reported. This marks a significant legal battle for thecryptocurrency giant accused offailing to register with Nigeria’s Federal Inland Revenue Service for taxpurposes, among other counts.
Charges and Court Proceedings
During a recent hearing, Binance’s representativeAyodele Omotilewa pleaded not guilty to all charges before Judge Emeka Nwite.While similar charges against two Binance executives were dropped in June, theystill face separate money laundering allegations, which they deny.
Nigeria has linked its currency challenges to Binance,attributing some of its economic issues to the popularity of cryptocurrencytrading platforms. As the Nigerian naira dropped to record lows amid persistentdollar shortages, many turned to crypto exchanges like Binance for trading,exacerbating the situation.
Binance has argued for the dismissal of the charges,though it has yet to issue an official comment on the recent developments. Theoutcome of the trial could significantly impact Binance’s operations in Nigeriaand potentially influence the broader regulatory landscape for cryptocurrenciesin the region.
Meanwhile, Nigeria recently dismissed a fundamental rights enforcement case filed by Binance’s executive Nadeem Anjarwalla. Thisfollowed Anjarwalla’s escape from lawful custody to Kenya. The matter involvedclaims against Nigeria’s National Security Adviser and the Economic andFinancial Crimes Commission.
Anjarwalla, Binance’s Africa Regional Manager, and hiscounterpart Tigran Gambaryan brought lawsuits seeking their release fromdetention by the NSA and EFCC. The duo was arrested in Nigeria to face taxevasion and money laundering charges.
Mounting Legal Tussle
However, Anjarwalla’s representative reportedlyrequested permission to withdraw his appearance in March. The judge grantedthis request, postponing the matter for further mention. However, on thescheduled date, no legal representative appeared on behalf of Anjarwalla,leading to the dismissal of the case.
Binance has been attempting to address the legal challenges it faces in Nigeria. In countering accusations of bribery brought by Binance Holdings Ltd, the West African country has opposed the cryptocurrency firm’s claims, dismissing them as a diversionary tactic.
The battle recently heightened following a blog post byBinance’s Chief Executive Officer, Richard Teng, alleging coercive demands foran alleged secret payment to resolve issues within Nigeria. Teng’s revelationraised a concern, casting a shadow over the already strained relationshipbetween Binance and Nigerian authorities.
Binance has been scheduled to face tax evasioncharges in Nigeria on October 11, Reuters reported. This marks a significant legal battle for thecryptocurrency giant accused offailing to register with Nigeria’s Federal Inland Revenue Service for taxpurposes, among other counts.
Charges and Court Proceedings
During a recent hearing, Binance’s representativeAyodele Omotilewa pleaded not guilty to all charges before Judge Emeka Nwite.While similar charges against two Binance executives were dropped in June, theystill face separate money laundering allegations, which they deny.
Nigeria has linked its currency challenges to Binance,attributing some of its economic issues to the popularity of cryptocurrencytrading platforms. As the Nigerian naira dropped to record lows amid persistentdollar shortages, many turned to crypto exchanges like Binance for trading,exacerbating the situation.
Binance has argued for the dismissal of the charges,though it has yet to issue an official comment on the recent developments. Theoutcome of the trial could significantly impact Binance’s operations in Nigeriaand potentially influence the broader regulatory landscape for cryptocurrenciesin the region.
Meanwhile, Nigeria recently dismissed a fundamental rights enforcement case filed by Binance’s executive Nadeem Anjarwalla. Thisfollowed Anjarwalla’s escape from lawful custody to Kenya. The matter involvedclaims against Nigeria’s National Security Adviser and the Economic andFinancial Crimes Commission.
Anjarwalla, Binance’s Africa Regional Manager, and hiscounterpart Tigran Gambaryan brought lawsuits seeking their release fromdetention by the NSA and EFCC. The duo was arrested in Nigeria to face taxevasion and money laundering charges.
Mounting Legal Tussle
However, Anjarwalla’s representative reportedlyrequested permission to withdraw his appearance in March. The judge grantedthis request, postponing the matter for further mention. However, on thescheduled date, no legal representative appeared on behalf of Anjarwalla,leading to the dismissal of the case.
Binance has been attempting to address the legal challenges it faces in Nigeria. In countering accusations of bribery brought by Binance Holdings Ltd, the West African country has opposed the cryptocurrency firm’s claims, dismissing them as a diversionary tactic.
The battle recently heightened following a blog post byBinance’s Chief Executive Officer, Richard Teng, alleging coercive demands foran alleged secret payment to resolve issues within Nigeria. Teng’s revelationraised a concern, casting a shadow over the already strained relationshipbetween Binance and Nigerian authorities.
