Binance has been scheduled to face tax evasion charges in Nigeria on October 11, Reuters reported. This marks a significant legal battle for the cryptocurrency giant 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.
Meanwhile, Nigeria recently dismissed a fundamental rights enforcement case filed by Binance's executive Nadeem Anjarwalla. This followed Anjarwalla's escape from lawful custody to Kenya. The matter involved claims against Nigeria's National Security Adviser and the Economic and Financial Crimes Commission.
Anjarwalla, Binance's Africa Regional Manager, and his counterpart Tigran Gambaryan brought lawsuits seeking their release from detention by the NSA and EFCC. The duo was arrested in Nigeria to face tax evasion and money laundering charges.
Mounting Legal Tussle
However, Anjarwalla's representative reportedly requested permission to withdraw his appearance in March. The judge granted this request, postponing the matter for further mention. However, on the scheduled 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 by Binance's Chief Executive Officer, Richard Teng, alleging coercive demands for an alleged secret payment to resolve issues within Nigeria. Teng's revelation raised a concern, casting a shadow over the already strained relationship between Binance and Nigerian authorities.
This article was written by Jared Kirui at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments