- Binance faces tax evasion charges in Nigeria after an executive escaped custody while being investigated
- Emmanuel Babalola, a Binance director in Africa, escaped from custody of Nigeria’s Special Anti-Robbery Squad
- Nigeria filed criminal charges against Binance for allegedly evading taxes by not properly reporting earnings in the country
Binance faces tax evasion charges in Nigeria after one of its detained executives escaped custody. Local media reported the news over the weekend.
Background on Binance in Nigeria
Binance is a major global cryptocurrency exchange that has faced increased regulatory scrutiny around the world. Nigeria is an important market for Binance. The company has been cooperating with Nigerian authorities on investigations into its operations and executives in the country. Earlier this year, Nigeria’s Economic and Financial Crimes Commission arrested two senior Binance executives in the country.
One executive was the general manager for Binance in Africa, but his name has not been released. The other was Emmanuel Babalola, a director at Binance’s African operations.
Executive Escapes Custody
Babalola escaped from custody this past weekend, according to local media reports. He was being held by Nigeria’s Special Anti-Robbery Squad. Details are still emerging on how he managed to escape. Binance has not publicly commented yet.
This escape complicates the ongoing investigations and cases against Binance and its executives in Nigeria. It may also strain relations between Binance and Nigerian authorities.
Tax Evasion Charges Filed
Perhaps in response to the escaped executive, Nigeria has reportedly filed criminal charges against Binance itself. The charges accuse Binance of tax evasion. The company allegedly did not properly report its earnings in Nigeria and pay appropriate taxes.
Binance has faced accusations of tax evasion in other countries as well, including the United States and Germany. It maintains that it follows all applicable tax laws.
The tax evasion charges in Nigeria represent the latest legal trouble for the embattled exchange. Binance continues to confront heightened regulatory pressures in jurisdictions around the world.
