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Nigeria is Africa’s largest crypto economy in terms of trade volume with many citizens using crypto to hedge their finances against surging inflation and the declining local currency
The crackdown on cryptocurrency continues in Nigeria. Of late, the government has launched a criminal investigation against the platform namely Binance accused of being used for money laundering. One of the executives of the platform fled the country using a forged passport.
Nigeria is Africa’s largest crypto economy in terms of trade volume with many citizens using crypto to hedge their finances against surging inflation and the declining local currency.
Binance stopped all trading with the Nigerian naira currency on its platform in early March after authorities accused it of being used for money laundering and terrorism financing —without providing evidence publicly. Nigeria’s tax agency, meanwhile, filed a four-count charge on tax evasion against the crypto exchange, accusing it also of complicity in aiding customers to evade taxes through its platform.
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The charges further detail specific instances where Binance purportedly violated tax laws, such as failing to issue invoices for VAT purposes, thus obstructing the determination and payment of taxes by subscribers.
