Binance faces October verdict in Nigerian tax case

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The Federal High Court in Abuja has scheduled October 11 to deliver its ruling on tax evasion charges against the company.

Binance executives face accusations of evading taxes on their company’s operations and failing to register with Nigeria’s Federal Inland Revenue Service (FIRS).

Binance’s lawyer, Ayodele Omotilewa, had pleaded not guilty on behalf of the company and called for the charges to be dismissed, citing insufficient evidence.

This defence strategy mirrors the recent exoneration of Binance executives Tigran Gambaryan and Nadeem Anjarwalla on similar charges.

The adjournment to October allows both the defence and prosecution additional time to strengthen their cases.

This legal tussle is part of broader scrutiny of cryptocurrency activities in Nigeria.

Earlier this year, Anjarwalla and Gambaryan were detained by Nigerian authorities during a visit, highlighting the government’s concern over cryptocurrency’s impact on the national currency.

Officials argue that platforms like Binance are contributing to naira devaluation due to their use in trading amidst dollar shortages.

In response to these concerns, the Central Bank of Nigeria has directed fintech companies to monitor and report accounts involved in cryptocurrency transactions.

A Central Bank official recently testified that only authorized financial institutions should handle transactions related to Binance.