Nigeria pushes back the tax evasion hearing of cryptocurrency exchange Binance and two of its top officials from an initial date in May, as technical difficulties have arisen in delivering the primary charges against Binance by the Federal Inland Revenue Service (FIRS). The case, involving allegations of non-compliance with tax regulations for Binance, was slated to begin earlier but has been hindered due to FIRS’s failure to officially file the charges.
The trial for Binance’s tax evasion case in Nigeria, which was originally scheduled, has been pushed back to May 17th. Gambaryan’s legal representative, Chukwuka Ikuazom, raised objections based on Nigerian law, explaining that he cannot present a defense until the primary defendant, Binance, has been officially served with court documents.— TOBTC (@_TOBTC) April 20, 2024
Details on the Court Proceedings
In a recent court hearing, it came to light that while executive Tigran Gambaryan of Binance had been personally served with formal charges, the company itself had not received them yet. This situation prompted Gambaryan’s lawyer, Chukwuka Ikuazom, to refer to Nigerian law, stating that his client couldn’t enter a plea until Binance, named as the main defendant, was officially served. Ultimately, Judge Emeka Nwite postponed the case to May mid-month due to this development.
An additional complication for Binance in their legal issues with Nigeria is the existence of delays. Beyond allegations of tax evasion, the firm and its top officials are under scrutiny for suspected money laundering activities worth more than $35 million.
Taking a break in the proceedings gives Binance time to collaborate with Nigerian officials, as demonstrated by their pledge to address the concerns. The upcoming trial session in May could shed light on the developing regulatory situation for cryptocurrencies in Nigeria.
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2024-04-20 20:04