Binance Faces Federal Lawsuit Over Alleged Tax Evasion

The Federal Government has started legal action against Binance, which is a well-known platform for trading cryptocurrencies over Tax Evasion.

The Federal Inland Revenue Service (FIRS) announced on Monday that charges were filed at the Federal High Court in Abuja.

According to a statement on Monday by the Special Adviser, Media to the FIRS chairman, Dare Adekanmbi, the lawsuit implicates Binance with a four-count tax evasion accusation.

The charges levied against Binance include non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.

Joined with the crypto company as second and third defendants in the suit are Tigran Gambaryan and Nadeem Anjarwalla, both senior executives of Binance currently under the custody of the Economic and Financial Crimes Commission (EFCC).

In the lawsuit, the Federal Government accuses Binance of failing to register with FIRS for tax purposes and violating existing tax regulations within the country.

Binance settled a plea bargain in late 2023 after pleading guilty to violating anti-money laundering laws in the United States, resulting in a $ 4.3 billion penalty.