Authorities in Nigeria have charged Binance and the two detained executives with four counts of tax evasion, multiple local media reported today (Monday). The charges were brought after reports that one of the detained executives had escaped.
The Federal Inland Revenue Service of Nigeria has already filed tax evasion charges at the Federal High Court in Abuja. Binance is the main defendant, while its two detained executives, Tigram Gambarian and Nadeem Anjarwala, are the second and third defendants. Anjarwalla, Binance’s African regional manager, also reportedly escaped custody.
Allegations against the crypto exchange and its executives include failure to pay value added tax, income tax and failure to file tax returns. The exchange has been accused of helping Nigerians evade taxes through its platform.
“Any company transacting above N25 million per annum is deemed by the Finance Act to be present in Nigeria. According to this rule, Binance falls into this category,” Dare Adekanmbi, media assistant to the FIRS chairman, said in a statement.
“The company, a broker of Nigerian laws, may be investigated and brought to court for this breach.”
The Great Escape
Nigeria’s sudden crackdown on Binance came in late February, when the country’s authorities detained two executives of the crypto exchange platform. A BBC report revealed that Nigerian authorities are demanding $10 billion from the cryptocurrency exchange
Cryptocurrency Exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset. Comparable to the general financial exchange, the primary function of a crypto exchange is to enable and promote the buying and selling of cryptocurrencies. This is achieved by producing a stable trading environment suitable for traders located in different locations around the world. A crypto exchange may sometimes be called a digital currency exchange (DCE) f
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset. Comparable to the general financial exchange, the primary function of a crypto exchange is to enable and promote the buying and selling of cryptocurrencies. This is achieved by producing a stable trading environment suitable for traders located in different locations around the world. A crypto exchange may sometimes be called a digital currency exchange (DCE) f
Read this term as retribution, but officials in the country said that amount was only under consideration and no such demands had been made.
Meanwhile, Premium Times reported that one of the arrested executives escaped from the custody of the Nigerian authorities on Friday and has already flown out of Abuja using a plane bound for the Middle East.
The escaped prisoner, Anjarwala, is a citizen of the United Kingdom and Kenya. He is suspected of using his Kenyan passport to flee the country.
Earlier, a Nigerian federal court ordered Binance to disclose the data or information of all local customers on its platform to the Economic and Financial Crimes Commission. The order will allow Nigeria’s investigative agency to uncover the alleged money laundering
Money laundering
Money laundering is a general term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to have come from a legitimate source. Money laundering is a problem that spans countless industries and sectors, including the financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in criminal proceeds are laundered
Money laundering is a general term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to have come from a legitimate source. Money laundering is a problem that spans countless industries and sectors, including the financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in criminal proceeds are laundered
Read this term and financing terrorism with cryptocurrencies using Binance.
Authorities in Nigeria have charged Binance and the two detained executives with four counts of tax evasion, multiple local media reported today (Monday). The charges were brought after reports that one of the detained executives had escaped.
The Federal Inland Revenue Service of Nigeria has already filed tax evasion charges at the Federal High Court in Abuja. Binance is the main defendant, while its two detained executives, Tigram Gambarian and Nadeem Anjarwala, are the second and third defendants. Anjarwalla, Binance’s African regional manager, also reportedly escaped custody.
Allegations against the crypto exchange and its executives include failure to pay value added tax, income tax and failure to file tax returns. The exchange has been accused of helping Nigerians evade taxes through its platform.
“Any company transacting above N25 million per annum is deemed by the Finance Act to be present in Nigeria. According to this rule, Binance falls into this category,” Dare Adekanmbi, media assistant to the FIRS chairman, said in a statement.
“The company, a broker of Nigerian laws, may be investigated and brought to court for this breach.”
The Great Escape
Nigeria’s sudden crackdown on Binance came in late February, when the country’s authorities detained two executives of the crypto exchange platform. A BBC report revealed that Nigerian authorities are demanding $10 billion from the cryptocurrency exchange
Cryptocurrency exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset. Comparable to the general financial exchange, the primary function of a crypto exchange is to enable and promote the buying and selling of cryptocurrencies. This is achieved by producing a stable trading environment suitable for traders located in different locations around the world. A crypto exchange may sometimes be called a digital currency exchange (DCE) f
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset. Comparable to the general financial exchange, the primary function of a crypto exchange is to enable and promote the buying and selling of cryptocurrencies. This is achieved by producing a stable trading environment suitable for traders located in different locations around the world. A crypto exchange may sometimes be called a digital currency exchange (DCE) f
Read this term as retribution, but officials in the country said that amount was only under consideration and no such demands had been made.
Meanwhile, Premium Times reported that one of the arrested executives escaped from the custody of the Nigerian authorities on Friday and has already flown out of Abuja using a plane bound for the Middle East.
The escaped prisoner, Anjarwala, is a citizen of the United Kingdom and Kenya. He is suspected of using his Kenyan passport to flee the country.
Earlier, a Nigerian federal court ordered Binance to disclose the data or information of all local customers on its platform to the Economic and Financial Crimes Commission. The order will allow Nigeria’s investigative agency to uncover the alleged money laundering
Money laundering
Money laundering is a general term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to have come from a legitimate source. Money laundering is a problem that spans countless industries and sectors, including the financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in criminal proceeds are laundered
Money laundering is a general term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to have come from a legitimate source. Money laundering is a problem that spans countless industries and sectors, including the financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in criminal proceeds are laundered
Read this term and financing terrorism with cryptocurrencies using Binance.