The Federal Inland Revenue Service (FIRS) has been pursuing a case against Binance, a cryptocurrency exchange, for alleged tax evasion in Nigeria. The trial was initially set to begin in October 2024.
Binance faces four counts of tax evasion, including failure to pay company income tax, value-added tax (VAT), and non-compliance with tax return filing obligations. The exchange has pleaded not guilty to these charges.
Interestingly, Binance CEO Richard Teng denied allegations that the company offered a $5 million payoff to Nigerian officials to drop the charges. Instead, Teng claimed that Nigerian officials demanded a $150 million bribe to settle the case.
The case highlights the complexities of cryptocurrency regulation in Nigeria. While the government has been cracking down on crypto exchanges, Binance has maintained that it operates within the bounds of Nigerian law.
Post a Comment
Leave a Reply