Key Takeaways:
- A Nigerian court will deliver its verdict on Binance’s tax evasion trial on October 11.
- Binance’s lawyer pleaded not guilty to the four counts of tax evasion and requested dismissal of the charges.
- Nigerian authorities have increased their crackdown on cryptocurrency platforms, blaming them for currency issues and deeming them a national security risk.
A Nigerian court will deliver its verdict on Binance’s tax evasion trial on October 11.
The exchange faces four counts of tax evasion, including failing to register with Nigeria’s Federal Inland Revenue Service (FIRS).
Nigerian judge sets Binance tax evasion trial for October https://t.co/u6WYDkof58 pic.twitter.com/DH4U7JIghA
— Reuters (@Reuters) July 12, 2024
Binance’s lawyer, Ayodele Omotilewa, pleaded not guilty and requested dismissal of the charges, citing a lack of substance.
The case was adjourned to October for further review and preparation by both parties.
In June, the Federal High Court in Abuja cleared Binance executivesTigran Gambaryan and Nadeem Anjarwalla of similar charges, although they still face separate money laundering accusations.
Nigerian authorities detained Anjarwalla and Gambaryan in February over tax evasion and money laundering allegations.
Nigerian Judge Schedules Binance Tax Evasion Trial for October.#Europostr pic.twitter.com/Ozj7yCIPRu
— EuroPost Agency (@EuroPostAgency) July 12, 2024
Nigeria blames cryptocurrency platforms like Binance for its currency issues and has increased its crackdown, deeming them a national security risk.
The Central Bank of Nigeria (CBN) has mandated fintech firms to monitor and report cryptocurrency transactions, recommending only authorized institutions handle transactions for Binance.
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