On Monday, March 25, 2024, the Office of the National Security Adviser (ONSA) confirmed the alarming news of Nadeem Anjarwalla, the regional manager for Africa at Binance, escaping custody.
In response to these developments, the Federal Inland Revenue Service (FIRS) in Abuja swiftly took action, initiating legal proceedings against Binance.
The FIRS alleges four instances of tax evasion, as outlined in a statement released on the same day. These accusations have thrust Binance into the spotlight and sparked concerns from Nigerians about its compliance with regulatory requirements.
The FIRS’s legal action against Binance revolves around serious allegations, including the non-remittance of Value Added Tax (VAT) and Company Income Tax (CIT). Additionally, Binance is accused of failing to comply with tax return filing obligations and facilitating tax evasion for its users.
These accusations, if proven true, could have far-reaching implications for Binance’s operations in Nigeria and beyond.
Furthermore, the federal government has levied charges against Binance for its failure to register for tax purposes with the FIRS and its alleged violations of the country’s tax laws.
In the wake of these developments, social media platforms have become abuzz with reactions from Nigerians expressing their opinions on the matter.
The news has sparked widespread debate, with many calling for transparency and accountability from Binance. The allegations of tax evasion have struck a chord with the public, raising concerns about the integrity of cryptocurrency exchanges and the need for stricter regulatory oversight.