Binance Exec escapes detention as Nigeria Charges Binance for Tax Evasion
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Binance Exec escapes detention as Nigeria Charges Binance for Tax Evasion

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According to local media reports over the weekend, one of the two senior Binance executives who were in government custody has managed to escape. The incident occurred amidst escalating tensions between Binance, the world’s largest cryptocurrency exchange, and Nigerian authorities, who have charged the exchange with tax evasion.

Reports from local media outlets on Monday indicated that Nigerian authorities, through the country’s tax body, the Federal Inland Revenue Service (FIRS), filed charges against Binance at the Federal High Court in Abuja. These charges include four counts of tax evasion, alleging offenses such as non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.

The announcement of these charges comes after weeks of heightened scrutiny and criticism of Binance by the Nigerian government. The government’s concerns include allegations that the platform facilitated the processing of billions of dollars in suspected criminal funds and manipulated the exchange rate of the local currency, the naira.

Amidst this legal turmoil, one of the detained Binance executives, Nadeem Anjarwalla, has reportedly escaped, as confirmed by presidential spokesman Bayo Onanuga to Bloomberg. Binance also acknowledged being informed by authorities that Anjarwalla is no longer in Nigerian custody.

Reuters reports that Efforts are now underway to obtain an international arrest warrant for Anjarwalla, who serves as the company’s regional manager for Africa, with the country collaborating with Interpol.

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