Binance in Nigerian Court

     A Nigerian court has adjourned an economic lawsuit filed by the Federal Inland Revenue Service (FIRS) against Binance until April 30, providing Binance with more time to respond. Personally, I don't believe Binance is entirely innocent, nor do I think the Nigerian government is entirely transparent, and the court itself isn't free from question, so the dollar will likely remain in dynamice role.

Nigerian Accusion

     The Nigerian government has accused Binance of tax evasion and facilitating irregular trading, holding it responsible for the devaluation of Nigeria's currency, the Naira. Consequently, Binance has been slapped with a 10 billion fine. In addition, the Nigerian government has recently accused Binance of acting in the interests of criminals.

Binance is Playing

     Binance is not willing to accept these allegations, and Nigeria is not a sufficiently significant market for Binance to justify paying10 billion just to maintain its position there. The detention of Tigran Gambaryan and Nadeem Anjarwala is still a fresh memory for Binance. Although I don't believe Binance would want to lose its Nigerian market entirely, it seems to be seeking a way to reopen the market in some capacity.

Originally published on Wubits