Nigeria Regulatory Controversy Escalates: Foreign Media Reports Binance Executives Have Fled Abroad

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Binance and Nigeria Controversy
Nigeria Alleges Four Tax Evasion Practices
Binance Executive Nadeem Anjarwalla Has Left the Country?
Binance and Nigeria Controversy
The issues between Binance and the Nigerian government seem to be escalating, from initial allegations of rate manipulation to tax-related matters. The timeline of events is as follows:
March 1st:
Nigeria accuses Binance of manipulating the Nigerian Naira (NGN) exchange rate and seeks compensation of billions of dollars.
March 5th:
Binance announces withdrawal from Nigerian fiat services.
March 12th:
Reports suggest that a Binance executive has been detained by Nigerian authorities for two weeks.
March 14th:
Nigerian authorities claim that Binance owes taxes.
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Binance executive detained for a third week, Nigeria demands user data and resolution of tax issues.
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Nigeria Alleges Four Tax Evasion Practices
According to CoinDesk, the Federal Inland Revenue Service (FIRS) of Nigeria has filed charges against Binance in the High Court, accusing the company of four tax evasion practices:
– Failure to file tax returns
– Failure to pay Value Added Tax (VAT)
– Failure to pay corporate income tax
– Conspiring to assist users in tax evasion
Binance Executive Nadeem Anjarwalla Has Left the Country?
According to Nigerian online media outlet “Premium Times,” sources claim that one of the detained Binance executives, Nadeem Anjarwalla, has fled the country by boarding a flight.
The sources state that Anjarwalla escaped from a hotel under the control of the Department of State Services on the 22nd and has since departed from the capital, Abuja.
It is reported that Anjarwalla initially entered the country with a British passport, and it is unclear how he managed to board an international flight. Authorities are investigating the destination of the flight in order to re-detain Anjarwalla.
Nigeria
Binance
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