Nigerian Court Will Announce Verdict on Binance’s Tax Evasion Charges in October

Binance faces four tax evasion charges from Nigeria’s Federal Inland Revenue Service (FIRS). A court in Abuja has scheduled its verdict for October 11.

Binance’s lawyer in Nigeria, Ayodele Omotilewa, argued on July 12 to have all charges dropped against Binance due to lack of sufficient grounds. They maintained the crypto exchange was not guilty in front of Judge Emeka Nwite.

The same judge dropped tax evasion charges against Tigran Gambaryan and Nadeem Anjarwalla, Binance executives visiting Nigeria in February to negotiate with the government. They were detained in Nigerian prison after the negotiations turned hostile.

Anjarwalla managed to escape prison and flee to Kenya, the country he is a citizen of. Gambaryan remains under custody. The individuals are yet to be acquitted of money laundering charges, which have prevented Gambaryan from getting his freedom.

US lawmakers have urged the Nigerian government to set him free as he does not occupy a decision-making role in the Binance. They also urged US President Joe Biden to prioritize Gambaryan’s release. One lawmaker brought a resolution to provide the executive the hostage status if he is not freed by July 15.

The ongoing case against Binance and its executives coincides with the Central Bank of Nigeria bringing new licensing and registration norms for crypto firms operating in the country.

It has claimed that firms like Binance have facilitated Nigerian citizens to trade its national currency, the Naira, for the US dollar and cryptocurrency unlawfully, without maintaining anti-money laundering (AML) programs. Moreover, it blames the Naira’s devaluation on these firms. It also maintains that cryptocurrency use within the country is a national security risk.

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