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Nigeria’s High Court Reschedules Verdict on Binance Tax Evasion Charges

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icon 15/07/24
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Nigeria’s High Court Reschedules Verdict on Binance Tax Evasion Charges

Local media reports revealed that a Nigerian court will pronounce verdicts on charges brought against Binance including tax evasion and failure to register with the the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the government of Nigeria.

The verdict was scheduled for October 11 after Binance lawyer Ayodele Omotilewa reportedly appeared in court on July 12, entering a not-guilty plea to all four charges. According to Omotilewa, the judge should dismiss all charges against Binance due to lack of substance.

Omotilewa’s argument was based on the court dismissing charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla last month. The High Court dismissed tax evasion charges against Gambaryan and Anjarwalla, but are still facing money laundering charges.

The verdict was postponed until October to allow for more deliberations and review of the evidence presented, an opportunity for the defense and the prosecution to prepare their respective cases.

According to the country’s Securities Exchange Commission (SEC), Binance engaged in currency speculation and manipulation, with claims that the cryptocurrency exchange contributed to currency devaluation.

The authorities reportedly discovered that some Nigerians were using the crypto exchange’s platform for illicit activities, including market manipulation, price discovery and confirmation, leading to remarkable distortions in Nigeria’s foreign exchange market, as well as further devaluation of the naira against other currencies.

This prompted the High Court to ask Binance to provide information regarding Nigerians trading on its platform. Binance has been banned from operating in Nigeria after arresting and detaining its executives based on regulatory standards claims. Nadeem Anjarwalla is still in custody as he faces trials on money laundering charges.

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