Binance Tax Evasion Trial Verdict in Nigeria Postponed to October

• Both the prosecution and the defense will have more time to prepare arguments.
• Judge Nwite has decided to postpone the case until October.

The decision in the tax evasion trial against Binance, a cryptocurrency exchange, is expected from a Nigerian court on October 11th. Among Binance’s four accusations of tax evasion is a failure to register with the Federal Inland Revenue Service (FIRS) of Nigeria.

Local media reports that Ayodele Omotilewa, a lawyer representing Binance, appeared before Judge Emeka Nwite on Friday, July 12, and pleaded not guilty to all four accusations.

Like the prior rejection of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla, Omotilewa argued that the case lacked substance and requested the court to dismiss the allegations as well.

Gambaryan and Anjarwalla were found not guilty of tax evasion in June by the Federal High Court in Abuja. Anjarwalla, a British Kenyan who escaped to Kenya, and Gambaryan, an American citizen, continue to face separate accusations of money laundering, which they both reject.

More Time to Prepare

The court’s ruling came after FIRS filed revised charges. Which essentially removed the tax evasion accusations leveled against the two executives. Binance chose Omotilewa to manage its local operations, which led to this shift.

Judge Nwite has decided to postpone the case until October. So that the parties may have more time to discuss and evaluate the material. Both the prosecution and the defense will have more time to gather evidence and prepare their arguments.

In light of the extreme dollar scarcity and record low value of the fiat currency. Nigeria has accused Binance of being the root cause of its currency problems. And said that crypto platforms have replaced traditional methods of trading the Nigerian naira.

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