A High Court in Abuja has scheduled the verdict for the tax evasion trial against the popular cryptocurrency platform Binance for October 11, 2024.
Binance is facing four counts of tax evasion, including failing to register with Nigeria’s Federal Inland Revenue Service for tax purposes.
In June, similar charges against two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, were dropped but they still face separate money laundering charges, which they both deny.
Binance lawyer, Ayodele Omotilewa, appeared in court on Friday, pleading not guilty to four charges before Judge Emeka Nwite.
He urged the judge to dismiss all charges, just as the charges against the executive were previously dropped, arguing that the case lacks substance.
Judge Nwite, after hearing the arguments, decided to adjourn the case until October. This decision allows more time for further deliberation and review of the evidence presented, giving both the defense and the prosecution additional time to prepare their respective cases.
While Binance has not commented on the latest developments, it previously stated that the charges should be dismissed.
Backstory
In June, a Federal High Court in Abuja cleared Tigran Gambaryan, a 39-year-old American and fleeing Nadeem Anjarwalla, of tax evasion charges filed by the Federal Inland Revenue Service.
The court’s decision came after the FIRS submitted amended charges that effectively dropped the tax evasion allegations against Gambaryan and his colleague, who absconded to Kenya.
This change followed Binance’s notification of appointing a Nigerian representative, Ayodele Omotilewa, to handle its local operations.
The original charges, filed on March 22, 2024, accused Binance and two of its executives of tax evasion.
The revenue agency, however, retained it case against Binance itself.
What you should know
Nigeria has attributed its currency issues to Binance, noting that cryptocurrency platforms have become the preferred method for trading the Nigerian naira amid severe dollar shortages and the currency’s record low value.
In February, Nigerian authorities detained two senior Binance executives: Nadeem Anjarwalla, a 37-year-old British-Kenyan who serves as the regional manager for Africa, and Tigran Gambaryan, a 39-year-old American who is the head of financial crime compliance at Binance. They were held for several weeks.
Following the federal government’s ban on cryptocurrency channels as part of a campaign against currency speculation, the Binance executives visited Nigeria for a meeting.
The naira has experienceed a significant devaluation of its currency, with the naira losing 70% of its value against the dollar since the foreign exchange reforms were implemented last year, a situation worsened by a shortage of dollars locally.
