On Friday, the judge overseeing the case announced that a Nigerian court will initiate a trial against cryptocurrency exchange Binance for tax evasion charges starting October 11.
Binance faces four charges of tax evasion, including allegations of failing to register with Nigeria’s Federal Inland Revenue Service for tax purposes.
Charges against two executives were dropped on June 14, but they continue to face separate allegations of money laundering, which they deny.
Nigeria has accused Binance of contributing to its currency problems amid ongoing dollar shortages and the naira’s plunge to a record low. Cryptocurrency websites, including Binance, have become the preferred platforms for trading the Nigerian naira.
The Nigerian government attributes the naira’s depreciation partly to the activities on these cryptocurrency exchanges. As the country grapples with chronic dollar shortages, the role of such platforms has come under increased scrutiny.
In response to these challenges, Binance faces multiple charges, including four counts of tax evasion and failing to register with Nigeria’s Federal Inland Revenue Service for tax purposes. The company has not yet commented on the latest accusations.
Previously, Binance had contended that the charges should be dismissed. Despite the company’s arguments, the case has moved forward, reflecting the Nigerian authorities’ resolve to address what they see as contributing factors to the country’s financial difficulties.
As the legal proceedings continue, the impact of cryptocurrency trading on Nigeria’s economy remains a contentious issue, with significant implications for both the country’s financial stability and the regulation of digital currencies.
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