Nigerian Court Reschedules Tax Evasion Lawsuit Against Binance to May 17

The ongoing legal battle between the Nigerian government and cryptocurrency exchange Binance has taken another twist as a court has rescheduled the hearing of a tax evasion lawsuit against the exchange and some of its executives to May 17. This latest development comes amidst a regulatory saga that has seen the Nigerian Federal Inland Revenue Service (FIRS) charging Binance with four counts of tax evasion, including non-payment of Value-Added Tax and Company Income Tax.

The case, which was presented for hearing on April 19, saw one of Binance’s executives, Tigran Gimbaryan, present in court while another, Nadeen Ahjarwhalla, has reportedly fled the country. Gimbaryan refused to take a plea as the FIRS had failed to serve Binance with any tax evasion charges. The legal impasse led to the case being adjourned to May 17, with Justice Emeka Nwite of the Federal High Court Abuja set to provide a definitive judgment.

This is not the only legal trouble facing Binance in Nigeria, as the exchange has also been accused of laundering over $35 million by the Nigerian Economic and Financial Crimes Commission (EFCC). The government has increased regulatory scrutiny of Binance, alleging that the exchange played a role in the devaluation of the Nigerian naira through speculation and rate fixing.

Despite these challenges, Binance has disabled all naira services on its platform and expressed a willingness to cooperate with the Nigerian government to resolve the legal issues surrounding the detention of its employees. The exchange’s CEO, Richard Teng, has confirmed this commitment to cooperation, signaling a potential resolution to the ongoing regulatory saga.

As the cryptocurrency industry continues to face regulatory challenges around the world, the outcome of Binance’s legal battle in Nigeria will be closely watched by industry observers and stakeholders. Stay tuned for updates on this developing story.