Nigeria’s FIRS Files Tax Evasion Charges Against Binance

The Federal Government of Nigeria has filed a tax evasion case against Binance, a popular cryptocurrency exchange platform.

The Federal Inland Revenue Service (FIRS) filed the charges on behalf of the Federal Government on Monday, March 25, 2024, at the Federal High Court in the FCT, Abuja with case number: FHC/ABJ/CR/15/2024.

The four-count charges leveled against Binance include;

  1. Non-payment of value-added tax.
  2. Non-payment of company income tax.
  3. Failure to file tax returns.
  4. Complicit in aiding customers to evade taxes through its platform.

Joined in the suit as second and third defendants are Tigran Gambaryan and Nadeem Anjarwalla, both senior executives of Binance who are currently held in custody of Nigeria’s Economic and Financial Crimes Commission (EFCC).

The Nigerian Government in its lawsuit accused Binance of failing to register with the Federal Inland Revenue Service for tax purposes, thereby violating the existing tax regulations in the country.

Section 40 of the FIRS Establishment Act 2007 as amended mandates businesses operating in Nigeria to collect and remit various categories of taxes to the federation of which Binance failed to comply.

Francis Nwokike

Francis Nwokike is the Founder and Chief Editor of The Total Entrepreneurs. A Social Entrepreneur and experienced Disaster Manager. He loves researching and discussing business trends and providing startups with valuable insights into running a profitable business. He created TTE to share ideas and tips to help entrepreneurs run and grow their businesses.

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