'Binance Is Not Paying Its Taxes In Multiple Jurisdictions,' Claims CNBC Reporter Amid Nigerian Lawsuit Drama

CNBC reporter MacKenzie Sigalos highlighted serious tax evasion allegations against cryptocurrency exchange Binance.

What Happened: During CNBC’s “Last Call” on Monday, Sigalos mentioned that Binance is facing multiple lawsuits in Nigeria and the U.S., and the recent escapade of a Binance executive from Nigerian custody further complicates the scenario.

“What doesn’t look good is that Binance is not paying its taxes in multiple jurisdictions so a lot of countries now taking issue with the exchange,” Sigalos added.

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Why It Matters: Binance has been facing increased scrutiny worldwide. In March, the Nigerian government arrested two Binance executives and slammed the crypto exchange with a $10 billion fine for manipulating exchange rates leading to the Naira dropping by nearly 70% in the past couple of months.

Nigeria’s government formally accused Binance of evading taxes with a lawsuit filed on Monday. The charges include non-payment of value-added and company income taxes, failure to file tax returns, and aiding customers in tax evasion.

Further intensifying the situation, a Binance executive, Nadeem Anjarwalla, fled Nigeria amid these allegations. Anjarwalla’s escape was reportedly facilitated by the relaxed security during Ramadan.

Adding to Binance’s regulatory woes, the Philippines Securities and Exchange Commission has blocked the exchange’s online presence due to unlicensed operations. The SEC emphasizes investor protection as Binance operates without the necessary licenses.

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