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FG files criminal charges against Binance.

Binance executives face charges related to money laundering.

The Federal Government has commenced legal proceedings against Binance, a well-known cryptocurrency exchange platform, on allegations of tax evasion. The charges were filed at the Federal High Court in Abuja and were disclosed on Monday by the Federal Inland Revenue Service (FIRS). According to a statement released by Dare Adekanmbi, the Special Adviser, Media to the Executive Chairman of FIRS, the aim of the lawsuit is to enforce fiscal responsibility and uphold Nigeria’s economic integrity.

Binance, along with two senior executives, Tigran Gambaryan and Nadeem Anjarwalla, are named as defendants in the lawsuit. The executives are currently in the custody of the Economic and Financial Crimes Commission (EFCC).

The charges against Binance include failure to pay Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and assisting customers in evading taxes through its platform. Additionally, Binance is accused of not registering with FIRS for tax purposes and violating existing tax regulations in Nigeria.

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One of the counts in the lawsuit pertains to Binance’s alleged failure to collect and remit various taxes to the federation, as mandated by Section 40 of the FIRS Establishment Act 2007. This section outlines penalties and potential imprisonment for entities that fail to deduct and remit taxes.

The charges also specify instances where Binance purportedly violated tax laws, such as not issuing invoices for VAT purposes, hindering the determination and payment of taxes by subscribers.

Adekanmbi emphasized that any company conducting business exceeding N25 million annually is obligated to pay taxes such as Company Income Tax (CIT) and Value Added Tax (VAT). Binance’s failure to comply with these laws could lead to investigations and legal action.

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