Binance has been scheduled to face face tax evasion
charges in Nigeria on October 11, marking a significant legal battle for the
cryptocurrency giant, Reuters reported. The crypto exchange is accused of
failing to register with Nigeria’s Federal Inland Revenue Service for tax
purposes, among other counts.
Charges and Court Proceedings
During a recent hearing, Binance’s representative
Ayodele Omotilewa pleaded not guilty to all charges before Judge Emeka Nwite.
While similar charges against two Binance executives were dropped in June, they
still 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 cryptocurrency
trading platforms. As the Nigerian naira dropped to record lows amid persistent
dollar 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. The
outcome of the trial could significantly impact Binance’s operations in Nigeria
and potentially influence the broader regulatory landscape for cryptocurrencies
in the region.
Expect ongoing updates as this story evolves.
This article was written by Jared Kirui at www.financemagnates.com.
