Binance tax evasion trial postpones to May 17

Binance tax evasion trial postpones to May 17 is profiled by BTW Media because published evidence links it to internet infrastructure, governance, operational dependencies, or market visibility.

• The tax evasion trial in a Nigerian court involving cryptocurrency exchange Binance and two of its executives has been adjourned to May 17.
• Binance and its executives were charged with four counts of tax evasion during a visit to Nigeria and arrested on Feb. 28.
• Apart from the tax evasion trial, Binance and its executives face charges of laundering over $35 million by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC).

The tax evasion trial of cryptocurrency exchange Binance and two of its executives in a Nigerian court has been postponed until May 17. The reason for the delay was that the charges had not been formally served on the exchange yet.

The charges of Binance

Binance and its executives were taken into custody on February 28, and accused of four counts of tax evasion while in Nigeria. Among them were Tigran Gambaryan, a 39-year-old American citizen who serves as the head of financial crime compliance, and Nadeem Anjarwalla, a 37-year-old British-Kenyan regional manager for Africa.

As part of an effort to stop currency speculation, the federal government outlawed cryptocurrency channels, which led to the arrest. The Nigerian government was ordered by the court to receive data and information about Nigerian traders who use Binance’s platform.

The accusations centre on Binance’s alleged failure to register for tax remittance with Nigeria’s Federal Inland Revenue Service (FIRS). Gambaryan appeared in court in Abuja on Friday, but he did not enter a plea. Anjarwalla, on the other hand, wasn’t there since he had fled the nation in March 2024 after evading arrest.

In addition to the tax evasion trial, the Economic and Financial Crimes Commission (EFCC) of Nigeria has accused Binance and its executives of laundering more than $35 million. The trial is scheduled to resume on May 2.

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Follow-up information about Binance tax evasion trial

Following Gambaryan’s detention, Binance announced on Thursday at the Token2049 crypto conference in Dubai that it is closely collaborating with Nigerian authorities. The company did not appear in court and did not immediately respond to requests for comment.

Tigran Gambaryan, the executive of Binance, is still being held at the Kuje correctional facility. In the meantime, the hearing for his bail application has been rescheduled by a federal high court in Abuja, Nigeria.

Gambaryan, however, is also suing the government for allegedly infringing on his basic human rights. According to Gambaryan’s motion, his detention in Nigeria and the seizure of his passport are illegal under the nation’s constitution, which upholds everyone’s right to personal liberty.