A Nigerian court has scheduled the verdict for the tax evasion trial against cryptocurrency exchange Binance for October 11. The announcement was made by presiding judge Emeka Nwite on Friday.
Binance faces four counts of tax evasion, including failure to register with Nigeria’s Federal Inland Revenue Service (FIRS).
During the proceedings, Binance’s lawyer urged the judge to dismiss all charges, arguing that the case lacks substance.
Binance Pleads Not Guilty to Tax Evasion Charges; Court Adjourns Case Until October
On Friday, July 12, Binance’s lawyer, Ayodele Omotilewa, appeared in court and entered a not-guilty plea to all charges before Judge Emeka Nwite.
Binance is facing four counts of tax evasion, including failure to register with Nigeria’s Federal Inland Revenue Service for tax purposes.
In June, the Federal High Court in Abuja cleared Gambaryan and Anjarwalla of tax evasion charges.
Gambaryan, a United States citizen, and Anjarwalla, a British Kenyan who fled to Kenya, still face separate money laundering charges, which they both deny.
The court’s decision followed FIRS’ submission of amended charges that effectively dropped the tax evasion allegations against the two executives.
However, the charges against its two executives were dropped in June, but they still face separate money laundering allegations, which they deny. This change came after Binance appointed Omotilewa to handle its local operations.
Omotilewa urged the judge to dismiss the charges, arguing that the case lacks substance, similar to the previous dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla.
While Binance has not provided an immediate comment, the company has previously stated that the charges should be dismissed.
Judge Nwite has decided to adjourn the case until October, allowing for further deliberation and review of the evidence presented. This will give the defense and the prosecution additional time to prepare their respective cases.
Nigerian Government Attributes Economic Issues to Binance Amid Ongoing Legal Battles
Binance to Exit Nigerian Market, Discontinues All NGN Services@binance has revealed plans to exit the Nigerian market, discontinuing all services involving the local fiat currency, the Nigerian naira (NGN).#CryptoNews #Nigeriahttps://t.co/VxovHAxIQp
— Cryptonews.com (@cryptonews) March 5, 2024
The Nigerian government has attributed some of its economic difficulties to the activities of Binance, citing the platform’s role in the trading of the Nigerian naira during severe dollar shortages, which has contributed to the currency’s record low.
On February 20, Binance’s Nigerian users encountered issues trading Tether (USDT) for naira (Nigeria’s fiat currency) on its peer-to-peer (P2P) platform, marking the onset of significant troubles. Binance responded by restricting USDT purchases with naira, disabling the “Buy” option, and setting a 1,802 naira to US dollar peg, citing fraud prevention.
Following these events, Nigerian authorities blocked access to major crypto exchanges, including Binance, due to concerns over currency manipulation and money laundering. This led to the detention of Binance officials Nadeem Anjarwalla and Tigran Gambaryan in Abuja, amid an ongoing investigation by the Office of the National Security Adviser.
By March 5, Binance ceased all Nigerian naira services, halting deposits and withdrawals and delisting naira trading pairs. Users were given a three-day window to withdraw or convert their naira balances to USDT.
This crackdown on cryptocurrency activities aligns with the National Security Adviser’s stance that cryptocurrency trading poses a national security risk.
As part of this effort, the Central Bank of Nigeria (CBN) instructed fintech companies to identify and report accounts involved in cryptocurrency transactions and take appropriate action to prevent further activity.
In court on July 6, the CBN’s payment policy and regulation chief argued that only banks and authorized financial institutions should be allowed to process deposit and withdrawal transactions for Binance as part of the ongoing case.
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