Blockchain
Binance Accused of Tax Evasion!
In a historic move, a Nigerian court will begin proceedings against Binance on October 11 for alleged tax evasion, as reported by ReutersThe cryptocurrency giant faces four charges, including failure to register with Nigeria’s Federal Inland Revenue Service for tax purposes.
More information later!
Binance pleads not guilty
In a hearing before Judge Emeka Nwite on Friday, Binance representative Ayodele Omotilewa pleaded not guilty to all charges. Omotilewa urged the court to dismiss the case, drawing parallels with the recent dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla, which he argued were equally lacking in substance.
In June, the Federal High Court in Abuja cleared Gambaryan and Anjarwalla of tax evasion charges. Gambaryan, a U.S. citizen, and Anjarwalla, a British Kenyan citizen who has since returned to Kenya, still face separate money laundering charges, which they both deny.
Judge Nwite adjourned the case until October to allow for further review of the evidence. This period will give both the defense and the prosecution additional time to strengthen their arguments.
Nigeria and Cryptocurrencies: A Troubled Relationship
Nigeria has pointed to Binance as a factor in its currency struggles. With cryptocurrency websites becoming popular platforms for trading the Nigerian Naira amid chronic dollar shortages, the Naira has plummeted to record lows.
Central Bank Crackdown on Cryptocurrencies
In a broader effort to regulate cryptocurrency activities, the Central Bank of Nigeria (CBN) has mandated fintech firms to identify and report accounts involved in cryptocurrency transactions. A central bank official recently argued in court that only licensed banks and financial institutions should handle Binance-related transactions, underscoring the government’s stance on policing cryptocurrency activities.
Read also: Binance vs SEC: Here’s Why July 29 Will Be a Game Changer!
The battle between cryptocurrencies and traditional finance is heating up! Which side are you on?