Nigeria Opens a Criminal Case Against Binance
Starting from the summer of 2024, Nigerian officials have required Binance to cease serving local traders.
The Securities and Exchange Commission (SEC) stated in August that the trading platform was operating illegally in Nigeria and should be prohibited from providing services in the country. This came a day after the Federal Tax Service initiated a criminal case against Binance.
The government alleges that the exchange evaded paying value added tax (VAT) and income tax and failed to comply with Nigerian law by not publishing financial statements.
In the lawsuit, Binance employees Tigran Gambaryan and Nadeem Anjarwalla are named as defendants. Starting March 5, Binance will no longer facilitate transactions involving the Nigerian currency, the naira.
