Nigeria regulatory controversy continues; foreign media reports claim Binance executives have fled the country.

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Binance vs. Nigeria Controversy

From initial exchange rate manipulation to subsequent tax issues, the conflict between Binance and the Nigerian government seems to be escalating, with the following timeline of events:

• March 1: Nigeria accuses Binance of manipulating the Naira (NGN) exchange rate, seeks billions in damages

• March 5: Binance announces withdrawal of Nigerian fiat services

• March 12: Reports surface that Binance executives have been detained by Nigerian authorities for two weeks

• March 14: Nigerian authorities change allegations to tax evasion against Binance

Binance executives detained for a third week, Nigeria demands user data and resolution of tax issues

Nigeria Alleges Four Tax Evasion Offenses

According to a report by CoinDesk, the Federal Inland Revenue Service (FIRS) of Nigeria has charged Binance with four counts of tax evasion:

• Failure to file tax returns

• Non-payment of Value Added Tax (VAT)

• Corporate income tax

• Conspiracy to aid users in tax evasion

Has Binance Executive Nadeem Anjarwalla Left Nigeria?

Nigerian online media outlet "Premium Times" reported, citing sources, that one of the detained Binance executives, Nadeem Anjarwalla, has escaped the country.

The report claims that Anjarwalla escaped from a hotel under the control of the Department of State Services on the 22nd and has since boarded a flight out of the capital, Abuja.

Sources state that Anjarwalla initially entered the country with a UK passport, and it is unclear how he managed to board an international flight. Authorities are investigating the destination of the flight to facilitate Anjarwalla's re-arrest.