Federal Government Charges Binance with Tax Evasion

In a startling turn of events, Binance, one of the leading cryptocurrency exchange platforms, is now embroiled in a legal confrontation with the Federal Government. The Federal Inland Revenue Service (FIRS) has revealed that criminal proceedings have been initiated against Binance at the Federal High Court in Abuja.

According to Dare Adekambi, the Special Adviser, Media to the Executive Chairman of FIRS, the charges, filed under suit number FHC/ABJ/CR/115/2024, allege four counts of tax evasion against Binance. Additionally, Tigran Gambaryan and Nadeem Anjarwalla, both high-ranking executives at Binance, have been named as defendants in the lawsuit and are currently in the custody of the Economic and Financial Crimes Commission (EFCC).

This legal showdown between Binance and the government marks a pivotal moment in the regulation of cryptocurrency exchanges. As the case progresses, its outcome is poised to have far-reaching implications for the cryptocurrency industry and its participants.