The Nigerian Court Takes Action Against Binance! 🚨
Get ready, as a Nigerian court is set to commence proceedings against Binance on October 11 regarding alleged tax evasion. This move comes after accusations that the cryptocurrency giant failed to register with Nigeria’s Federal Inland Revenue Service for tax purposes.
Binance’s Response: Not Guilty 🛡️
During a recent hearing before Judge Emeka Nwite, a representative from Binance, Ayodele Omotilewa, pleaded not guilty to the charges. Omotilewa urged the court to dismiss the case, citing a similar dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla due to lack of substance.
- In June, Gambaryan and Anjarwalla were cleared of tax evasion charges by the Federal High Court in Abuja.
- They still face separate money laundering charges, which they deny.
Nigeria’s Struggle with Crypto 🇳🇬
Nigeria has highlighted Binance as a contributing factor to its currency woes, as crypto platforms have become popular for trading the Nigerian Naira amid a shortage of dollars, leading to a significant drop in the Naira’s value.
The Central Bank’s Stance on Crypto Regulation ⚖️
In a bid to regulate crypto activities, the Central Bank of Nigeria (CBN) has instructed fintech firms to identify and report accounts involved in cryptocurrency transactions. A central bank official emphasized in court that only banks and authorized financial institutions should handle Binance-related transactions, highlighting the government’s control over crypto activities.
How do you view the ongoing battle between crypto and traditional finance? Let us know where you stand!
Hot Take: Final Thoughts on Binance’s Tax Evasion Charges! 🔥
Keep an eye on the developments in the case against Binance in Nigeria, as it could have significant implications for the crypto industry and regulatory landscape in the country.
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