Court Adjourns Binance Tax Evasion Case Over Ongoing Settlement Talks
The Federal High Court in Abuja has postponed proceedings in the tax evasion case involving cryptocurrency company Binance Holdings Limited to allow both parties continue settlement discussions.
Justice Emeka Nwite adjourned the matter until July 9 after lawyers representing Binance and the Federal Government informed the court that negotiations aimed at resolving the dispute out of court were still ongoing.
Counsel to Binance, Senior Advocate of Nigeria Chukwuka Ikwuazom, alongside another lawyer for the company, Sunday Adaji, confirmed during proceedings that discussions between both sides had not yet been concluded.
Representing the Federal Government, Omotola Fatogun and legal official Moses Ideho also acknowledged that settlement talks were continuing.
Binance had earlier expressed interest in reaching an amicable resolution when the matter came up in court in March.
The cryptocurrency firm was re-arraigned before the Federal High Court on July 12, 2024, over allegations relating to tax evasion.
At the time, the company’s Nigerian representative, Ayodele Omotilewa, entered a not-guilty plea on behalf of Binance.
The re-arraignment followed an amended charge filed by the prosecution, which removed Binance executives Tigran Gambaryan and Nadeem Anjarwalla from the case, leaving the company as the sole defendant.
Apart from the tax evasion case, Binance is also facing a separate prosecution by the Economic and Financial Crimes Commission over alleged money laundering involving $35.4 million.
In another legal dispute, the Federal Inland Revenue Service is pursuing a separate civil case against the company, seeking approximately $79.5 billion in damages over alleged economic losses linked to Binance’s operations in Nigeria.
