A Nigerian court has set October 11 as the date for delivering the verdict in the tax evasion trial against cryptocurrency exchange Binance.
The exchange is facing four counts of tax evasion, including failure to register with Nigeria’s Federal Inland Revenue Service (FIRS).
Binance lawyer Ayodele Omotilewa appeared in court on July 12 and entered a not-guilty plea to all charges before Judge Emeka Nwite.
Omotilewa argued for the dismissal of the charges, citing lack of substance, similar to the dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla in June.
The executives were cleared of tax evasion charges by the Federal High Court in Abuja, though they still face separate money laundering allegations.
The court’s decision to adjourn the case until October allows for further deliberation and evidence review by both the defense and prosecution.
Background details reveal that Anjarwalla and Gambaryan were detained in February during a visit to Nigeria amid allegations of tax evasion and money laundering.
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Binance appointed Omotilewa after the FIRS amended charges, dropping tax evasion allegations against its executives.
Regarding recent developments, Binance has refrained from commenting, previously asserting that charges should be dismissed.
Nigeria attributes currency issues partly to Binance, claiming cryptocurrency platforms exacerbate the Nigerian naira’s trading preferences amid dollar shortages and currency devaluation.
The crackdown on cryptocurrency activities aligns with the National Security Adviser’s view that cryptocurrency trading poses national security risks.
In response, the Central Bank of Nigeria (CBN) directed fintech companies to identify and report accounts involved in cryptocurrency transactions, impacting Binance’s operations.
In a July 6 court appearance, the CBN’s payment policy and regulation chief advocated restricting deposit and withdrawal transactions for Binance to banks and authorized financial institutions.
These legal developments underscore ongoing regulatory challenges facing Binance and other cryptocurrency platforms in Nigeria, amidst broader geopolitical and economic implications.
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