Nigerian Prosecutors Fine Binance $81 Billion for Tax Law Violations
JH Kim
Summary
- Nigerian prosecutors have imposed a fine of $81 billion on Binance for tax law violations.
- This fine is approximately 19 times larger than the fine paid for U.S. banking law violations in 2023.
- Binance is facing additional trial in Nigeria for money laundering charges.
According to DL News, a cryptocurrency-focused media outlet, on the 19th (local time), Nigerian prosecutors imposed a fine of $81 billion on global cryptocurrency exchange Binance for tax law violations.
This amount is approximately 19 times larger than the fine ($4.3 billion) Binance paid after admitting to violating U.S. banking laws in 2023.
Previously, Nigerian authorities alleged that Binance violated tax laws by operating a trading site without registering as a foreign company and paying taxes. This is the third criminal case brought by Nigerian authorities against Binance, which is currently facing trial in Nigeria on money laundering charges.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.