Binance has been scheduled to face face tax evasion charges in Nigeria on October 11, marking a significant legal battle for the cryptocurrency giant, Reuters reported. The crypto exchange is accused of failing to register with Nigeria’s Federal Inland Revenue Service for tax purposes, among other counts.
Charges and Court Proceedings
During a recent hearing, Binance’s representative Ayodele Omotilewa pleaded not guilty to all charges before Judge Emeka Nwite. While similar charges against two Binance executives were dropped in June, they still face separate money laundering allegations, which they deny.
Nigeria has linked its currency challenges to Binance, attributing some of its economic issues to the popularity of cryptocurrency trading platforms. As the Nigerian naira dropped to record lows amid persistent dollar shortages, many turned to crypto exchanges like Binance for trading, exacerbating the situation.
Binance has argued for the dismissal of the charges, though it has yet to issue an official comment on the recent developments. The outcome of the trial could significantly impact Binance’s operations in Nigeria and potentially influence the broader regulatory landscape for cryptocurrencies in the region.
Expect ongoing updates as this story evolves.