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Home » Nigeria reschedules Binance tax evasion trial to May 17
Nigeria reschedules Binance tax evasion trial to May 17
Nigeria reschedules Binance tax evasion trial to May 17

Nigeria reschedules Binance tax evasion trial to May 17

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By admin on 2024-04-20 Blockchain, Regulations Security

The trial for tax evasion involving Binance, a cryptocurrency exchange, and two of its executives in Nigeria has been postponed until May 17. The delay occurred because Binance had not yet received the formal charges from the Federal Inland Revenue Service (FIRS).

According to local news agency BusinessDay, the FIRS has not served Binance with the tax evasion charges. The lawyer for FIRS argued that Tigran Gambaryan, who serves as the head of financial crime compliance and represents Binance as the primary defendant, had been served. However, Gambaryan’s lawyer objected, citing Nigerian law, stating that he couldn’t plead until Binance, the primary defendant, was served. Judge Emeka Nwite adjourned the proceedings to May 17 for a ruling.

Binance and its executives, including Gambaryan and Nadeem Anjarwalla, were arrested on February 28 and charged with four counts of tax evasion during their visit to Nigeria. The arrest came after the federal government banned cryptocurrency channels as part of an effort to curb currency speculation. The court ordered Binance to provide the Nigerian government with access to data and details of Nigerian traders using its platform.

The charges against Binance involve its failure to register with Nigeria’s FIRS for tax remittance. Gambaryan was present in court but did not enter a plea. Anjarwalla, on the other hand, was not present as he had escaped detention and left the country in March 2024.

In addition to the tax evasion trial, Binance and its executives also face charges of laundering over $35 million by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC). The trial for these charges is scheduled to resume on May 2.

Binance, which was not represented in court and had no immediate comment, stated at the Token2049 crypto conference in Dubai on Thursday that it is working closely with Nigerian authorities following the detention of Gambaryan.

Meanwhile, the bail application hearing for Gambaryan, who remains in custody at the Kuje correctional center, has been postponed by a federal high court in Abuja, Nigeria. However, Gambaryan is also suing the government for violating his fundamental human rights. His motion claims that his detention in Nigeria and the confiscation of his passport violate the country’s constitution, which guarantees an individual’s right to personal liberty.

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