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Nigerian Court to Rule on Binance Tax Evasion Case in October

A Nigerian Federal High Court has scheduled October 11 for the decision on the tax evasion case against cryptocurrency exchange Binance. The company faces four charges, including failure to register with Nigeria’s Federal Inland Revenue Service (FIRS).

On Friday, July 12, Binance’s lawyer, Ayodele Omotilewa, appeared in court and pleaded not guilty to all charges before Judge Emeka Nwite. Omotilewa requested the charges be dismissed, arguing they lack a strong basis, similar to the recent dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla.

The postponement to October grants both the defense and prosecution additional time to prepare. This decision follows the June ruling by the Federal High Court in Abuja, which cleared Gambaryan and Anjarwalla of tax evasion charges, though they still face separate money laundering allegations.

Legal proceedings against Binance began in February when Nigerian authorities detained Anjarwalla and Gambaryan during their visit. Officials have linked crypto platforms like Binance to the country’s ongoing currency issues, citing their use for trading the Nigerian naira due to dollar shortages and currency devaluation.

In a broader effort to control crypto activities, the Central Bank of Nigeria has instructed fintech companies to identify and report accounts involved in crypto transactions. A central bank official recently argued in court that only authorized financial institutions should handle Binance-related transactions.

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