Nigerian Court Sets Binance Tax Evasion Case for October

by

As a seasoned crypto investor with a strong background in international finance, I’ve followed the developments surrounding Binance’s legal troubles in Nigeria with great interest. The accusations of tax evasion leveled against the exchange have been a source of concern for me and many other investors in the region.

The Nigerian Federal High Court has scheduled October 11 as the day to render its judgment in the tax evasion case against Binance. The cryptocurrency exchange is under investigation for four alleged offenses, including failing to register with the Federal Inland Revenue Service (FIRS).

On July 12, 2023, attorney Ayodele Omotilewa representing Binance made a not-guilty plea in court for all the levied accusations against him during the hearing presided over by Honorable Judge Emeka Nwite.

Based on community sources, Omotilewa requested that the accusations against him be dropped as he feels they lack a solid foundation. This corresponds with the recent dismissal of allegations against Binance officials Tigran Gambaryan and Nadeem Anjarwalla.

Delaying the hearing until October allows additional preparation time for both the defense and prosecution teams, as per the previous court ruling in June. In this decision, the Federal High Court in Abuja dismissed the tax evasion accusations against Gambaryan and Anjarwalla. However, they continue to be implicated in separate money laundering investigations.

In February, Nigerian authorities initiated legal proceedings against Binance following the detention of Anjarwalla and Gambaryan during their visit to the country. The Nigerian government alleges that crypto exchanges such as Binance are involved in the nation’s currency troubles. They argue that the platform is utilized for trading the Nigerian naira due to a scarcity of dollars and depreciation of the currency.

In an attempt to regulate cryptocurrency usage, the Central Bank of Nigeria has requested fintech companies to pinpoint and report any accounts engaged in crypto trading activities. Recently in a court hearing, a Central Bank representative asserted that only legally recognized financial institutions are permitted to manage Binance-related transactions.

Read More

2024-07-13 14:29