- The tax evasion trial involving cryptocurrency exchange Binance and two executives has been adjourned to May 17 due to the exchange not being formally served with charges.
- Binance and its executives were arrested on February 28 and charged with four counts of tax evasion during a visit to Nigeria, following the government’s ban on cryptocurrency channels.
- Apart from the tax evasion charges, Binance and its executives also face accusations of laundering over $35 million by Nigeria’s anti-graft agency, with the trial set to resume on May 2.
Judge of Binance tax evasion trail adjourned the proceedings for May 17, when he will give a ruling. Gambaryan’s lawyer, Chukwuka Ikuazom, cited Nigerian law, stating he couldn’t plead until Binance, the primary defendant, was served.
Trial of 2 Binance executives delayed
The tax evasion trial in a Nigerian court, which implicates cryptocurrency exchange Binance and two of its executives, has been adjourned until May 17. According to reports from BusinessDay, the Federal Inland Revenue Service (FIRS) has yet to formally serve Binance with tax evasion charges, leading to the adjournment.
At the heart of the matter are allegations that Binance failed to register with Nigeria’s tax authorities, prompting a crackdown from the government amidst a broader effort to regulate cryptocurrency activities. Previously on February 28, Binance and its executives, including Tigran Gambaryan, a 39-year-old U.S. citizen serving as head of financial crime compliance, and Nadeem Anjarwalla, a 37-year-old British-Kenyan regional manager for Africa, were arrested, and charged with four counts of tax evasion during a visit to Nigeria.
Also read: Binance executive escapes Nigerian custody
Also read: Binance executive Arjarwalla escapes to Kenya, extradition underway
The progress of the case is unpredictable
Beyond the tax evasion charges, 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 trial is set to resume on May 2.
Binance, which was not represented in court and had no immediate comment, said on Thursday at the Token2049 crypto conference in Dubai, that it is working closely with Nigeria authorities following the detention of Gambaryan.
In response to the ongoing legal proceedings, Binance has remained tight-lipped, opting not to offer immediate comments. However, the company’s actions in the coming weeks will undoubtedly shape the future trajectory of the cryptocurrency industry, as regulators worldwide closely monitor developments in this landmark case.
