By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Nigerian Govt Files Tax Evasion Charges Against Crypto Giant Binance
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Nigerian Govt Files Tax Evasion Charges Against Crypto Giant Binance

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: March 25, 2024
Share
3 Min Read
Binance
Binance
SHARE

The Federal Government of Nigeria has initiated legal proceedings against Binance, a major cryptocurrency exchange platform, for alleged tax evasion.

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

In a lawsuit designated as suit number FHC/ABJ/CR/115/2024, Binance is accused of four counts of tax evasion.

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

- Advertisement -

The charges against Binance include allegations of 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.

Additionally, the Federal Government accuses Binance of failing to register with FIRS for tax purposes and contravening existing tax regulations within Nigeria.

One of the counts in the lawsuit pertains to Binance’s purported failure to collect and remit various categories of taxes to the federation, as stipulated by Section 40 of the FIRS Establishment Act 2007 as amended. This section outlines penalties and potential imprisonment for entities found guilty of non-deduction and non-remittance of taxes.

The charges detail specific instances where Binance allegedly violated tax laws, such as the failure to issue invoices for VAT purposes, hindering the determination and payment of taxes by subscribers.

- Advertisement -

FIRS emphasized that any company conducting business exceeding N25 million annually is obligated to pay taxes like Company Income Tax (CIT) and collect and remit Value Added Tax (VAT). Failure to comply constitutes a violation of Nigerian laws and may lead to investigation and legal action.

The Federal Government asserts its commitment to ensuring compliance with tax regulations and combating financial impropriety within the cryptocurrency sector. FIRS is empowered by law to assess, collect, and account for revenue accruing to the Federation and administer relevant tax laws.

Binance had previously pleaded guilty to violating anti-money laundering laws in the United States in late 2023, resulting in a plea bargain agreement that saw the company pay a hefty fine of $4.3 billion.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:BInanceFG
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Veteran Nollywood Actor Amaechi Muonagor Dies at 62
Next Article Nigeria Calls for West African Cooperation to Safeguard Undersea Cables

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 weeks ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Abdullahi Ganduje
APC Thrown Into Disarray as National Chairman Abdullahi Ganduje Abruptly Resigns
Politics
IPOB Commends Kenyan High Court’s Landmark Ruling on Nnamdi Kanu’s 2021 Rendition
News
Taiwo Oyedele
FG Sets Ambitious Target to Raise Tax-to-GDP Ratio to 18% Within Three Years
Economy
Suspected IPOB/ESN Landmine Explosion Claims Six Lives in Imo Market
News
Political Rift Between Wike and Fubara Resolved After Presidential Mediation
News
- Advertisement -
Ad imageAd image

You May Also Like

NNPC
Energy & Oil

Senate Issues Ultimatum as NNPCL Fails to Appear Over N210 Trillion Audit Discrepancies

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 27, 2025
NewsTop stories

Federal Revenue Agencies to Undergo Restructuring as President Tinubu Enacts Major Tax Reform Legislation

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 27, 2025
NewsTop stories

BREAKING: President Tinubu Endorses Four Major Tax Reform Bills

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 26, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?