Browsing: Tax evasion

• The situation involving Binance in Nigeria has turned sour due to several events.
• For a few years, the Binance marketplace seemed to work well enough, but in 2023, the Nigerian government ended the naira’s peg to the US dollar as part of sweeping economic reforms.
• In what is now a testament to the sprained relationship between Binance and Nigeria, the authorities filed tax evasion charges against the cryptocurrency exchange.

Binance Under Regulatory Spotlight

Binance’s journey from a small start-up to one of the largest cryptocurrency exchanges globally has been impressive but not a smooth run. The platform’s rapid growth and global expansion brought it under the regulatory spotlight globally.

The outflows include illicit capital flight, tax and commercial practices like mis-invoicing of trade shipments and criminal activities such as illegal markets, corruption or theft. …

Wealthy Kenyans are hoarding nearly two times Kenya’s 2018-19 Sh3 trillion (USD 30 billion) budget representing about 65 per cent of Kenya’s GDP.…