The Federal Government has taken legal action against cryptocurrency exchange platform Binance for tax evasion.
The charges were filed at the Federal High Court in Abuja and were announced by the Federal Inland Revenue Service (FIRS).
The lawsuit accuses Binance, along with two senior executives currently in the custody of the Economic and Financial Crimes Commission (EFCC), of four counts of tax evasion. The charges include non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and assisting customers in evading taxes.
The Federal Government also alleges that Binance failed to register with FIRS for tax purposes and violated existing tax regulations. One of the counts pertains to Binance’s alleged failure to collect and remit various taxes as required by law.
The charges specify instances where Binance allegedly violated tax laws, such as not issuing invoices for VAT purposes. The Federal Government is determined to ensure compliance with tax regulations and combat financial impropriety in the cryptocurrency sector. Binance previously pleaded guilty to violating anti-money laundering laws in the United States and paid a settlement of $4.3 billion.
