A Nigerian court has set October 11 as the date for the verdict in the tax evasion trial involving crypto exchange Binance.
Binance is facing four counts of tax evasion, including failure to register with Nigeria’s Federal Inland Revenue Service (FIRS).
Binance’s lawyer, Ayodele Omotilewa, appeared in court on Friday, July 12, and entered a not-guilty plea to all charges before Judge Emeka Nwite. Omotilewa urged the judge to dismiss the charges, arguing that they lack substance, similar to the dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla in June.
Earlier this year, the Federal High Court in Abuja cleared Gambaryan and Anjarwalla of tax evasion charges after FIRS amended the charges, dropping the allegations following Binance’s appointment of Omotilewa to handle its local operations.
Judge Nwite’s decision to adjourn the case until October allows for further review of evidence and preparation by both the defense and prosecution. This extension gives both parties additional time to bolster their respective arguments.
In February, Nigerian authorities detained Anjarwalla and Gambaryan during their visit to Nigeria amid allegations of tax evasion and money laundering. Despite ongoing developments, Binance has not officially commented on the recent proceedings but has previously advocated for the dismissal of charges.
The Nigerian government has been vigilant in its oversight of cryptocurrency activities, citing concerns over national security and currency stability. The Central Bank of Nigeria (CBN) has issued directives to fintech companies to monitor and report cryptocurrency-related transactions, aligning with efforts to regulate the sector more tightly amidst economic challenges.
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