Court delays tax evasion case against Binance again

The Federal High Court in Abuja has postponed the tax evasion case against Binance Holdings Ltd to 24 September. This was announced on Thursday as the federal government continues its legal action against the cryptocurrency firm.

Judge Emeka Nwite made the decision after the prosecution lawyer, Moses Ideho, informed the court that both sides are still trying to reach an agreement.

The News Agency of Nigeria (NAN) notes that on May 12, Judge Nwite set Thursday as the date to hear the settlement report. This decision came after both the prosecution and Binance’s defence lawyers said they were in talks to settle the case outside of court.

Binance first sought to resolve the matter on 24 March. When the case was called, Ideho, a Deputy Director from the Federal Inland Revenue Service (now Nigeria Revenue Service), said the case was either for a settlement report or for the trial to continue.

He added that the case could not proceed for two reasons. "One is the elevation news of my lord to the appeal court. We have been praying for it and we are grateful that it has come to pass," he stated.

Ideho also mentioned that the second reason was that "parties were still exploring settlement in the charge that led to this case." Sunday Agaji, Binance’s lawyer, did not oppose this application, so Judge Nwite set the new date for 24 September.

On 12 July 2024, the prosecution re-arraigned Binance Holdings Limited on four charges of tax evasion. The Nigerian representative of Binance, Ayodele Omotilewa, was in court to plead on behalf of the company.

He pleaded not guilty to all four counts. This re-arraignment happened after the court dropped charges against Binance’s executive, Tigran Gambaryan, and his colleague, Nadeem Anjarwalla, who is currently on the run.

Justice Nwite ruled on 14 June 2024 to remove Gambaryan and Anjarwalla from the case after Ideho submitted an amended charge that listed Binance as the only defendant. The amended charge was dated 13 June 2024 but was filed on 14 June 2024.

NAN also reports that the Economic and Financial Crimes Commission (EFCC) is prosecuting Binance on money laundering charges before the same judge. The EFCC claims Binance laundered $35.4 million.

Additionally, Binance is facing a civil suit in front of Justice Mohammed Umar at the federal high court. In this case, the FIRS is seeking $79.5 billion for economic losses allegedly caused by Binance's activities in Nigeria.