MEANWHILE, The Federal Government on Monday initiated proceedings against Binance, a prominent cryptocurrency exchange platform over tax evasion.
The charges were filed at the Federal High Court in Abuja by the Federal Inland Revenue Service.
In the suit FIRS implicated Binance with four tax evasion accusations adding that it was a decisive move aimed at upholding fiscal responsibility and safeguarding the economic integrity of the country.
Joined with the crypto company as second and third defendants in the suit are Tigran Gambaryan and Nadeem Anjarwalla, both senior executives of Binance currently under the custody of the Economic and Financial Crimes Commission
The charges levied against Binance include non-payment of Value-Added Tax, Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.
In the suit, the Federal Government also accused Binance of failure to register with FIRS for tax purposes and contravening existing tax regulations within the country.
