Binance to face tax evasion trial in Nigeria starting October 11
The cryptocurrency exchange platform Binance will face trial for tax evasion in Nigeria starting October 11, as announced by the presiding judge on Friday, July 12, 2024.
Binance faces four counts of tax evasion, including failing to register with Nigeria’s Federal Inland Revenue Service (FIRS), the country’s tax authority.
This legal proceeding marks a significant development in the ongoing complex case against the digital economy platform.
In June, charges against two Binance executives were dropped, although they still face allegations of money laundering, which they vehemently deny.
During the preliminary hearing, Binance’s representative, Ayodele Omotilewa, entered a not guilty plea to the four charges against the company.
This announcement signals the start of a series of legal battles that could significantly impact Binance’s operations in Nigeria.
The Nigerian government has accused Binance of contributing to the country’s current monetary challenges, particularly since the platform has become the preferred method for transactions in naira.
The rise in cryptocurrency trading has intensified Nigeria’s monetary crisis, with the naira continuing to depreciate against the dollar.
