• Tuesday, April 16, 2024
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FG charges Binance, executives for tax evasion

The Federal Government has initiated criminal proceedings against Binance.

A lawsuit, designated as FHC/ABJ/CR/115/2024, implicates the cryptocurrency platform with a four-count tax evasion accusation.

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

In a statement by FIRS, the government said Tigran Gambaryan and Nadeem Anjarwalla, both senior executives of Binance currently under the custody of the Economic and Financial Crimes Commission are joined with the crypto company as second and third defendants in the suit.

The charges levied against Binance include non-payment of Value-Added Tax, Company Income Tax, failure to file tax returns, and aiding customers to evade taxes through its platform.

In the suit, the Federal Government also accused Binance of failing to register with FIRS for tax purposes and contravening existing tax regulations within the country.