The Nigerian government has charged Binance, the world's largest cryptocurrency exchange, with four counts of tax evasion. The Federal Inland Revenue Service (FIRS) filed the charges, accusing Binance of failing to deduct value-added taxes (VATs) from crypto trades on its platform and aiding users in neglecting their taxes. Additionally, Binance allegedly failed to register with the FIRS to pay all relevant taxes incurred from offering its services and refrained from issuing VAT tax invoices to users.

These accusations come as the Nigerian government scrutinizes Binance for potential money laundering and terrorist financing activities. Last week, the Federal High Court ordered the crypto trading firm to release comprehensive data of all local users trading on its platform and information on its transaction records for the past six months. The Nigerian government believes Binance played a significant role in the forex crisis, as its platform was an avenue for market manipulation and currency speculation.