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<p>The criminal case of cryptocurrency exchange <a href="https://www.cryptopolitan.com/nigerian-court-delays-binance-executive-bail/">Binance</a> and two of its main employees will be adjourned to May 17. The Nigerian court initiated this postponement because Binance had not been served formal charges. The trial, however, was undertaken in response to the tax evasion accusations leveled against the defendant by the Federal Inland Revenue Service (FIRS). Local reports have shown that the FIRS has yet to serve the charges to Binance formally.</p> 
<p>Before the court, the FIRS representative maintained that the co-founder of Binance, Tigran Gambaryan, had been served and was able to show up and represent the company. On the flip side, Chukwuka Ikuazom, the defense lawyer, asserted that in accordance with Nigerian law, the primary defendant, Binance, must be served first before pleas are made. As a result, Judge Emeka Nwite decided upon an adjournment, targeting the resumption of the hearing in the middle of May.</p> 
<h2 class="wp-block-heading" id="strong-the-side-presents-the-court-case-strong"><strong>The side presents the court case</strong></h2> 
<p>In addition, the Nigerian authorities are charging Binance with various offenses. The key allegations concern how he did not comply with the FIRS for tax payments. It was mentioned that the failure to register some of these units might have impacted the country’s revenues from local businesses. Tigran Gambaryan, who is from the United States and is the head of financial crime compliance, was involved in a mini-mini regarding the complaint filing.</p> 
<p>The <a href="https://businessday.ng/news/article/nigerian-court-adjourns-binance-and-executives-tax-evasion-trial-to-may-17/" rel="nofollow noopener" target="_blank">trial’s postponement</a> stems from a government clampdown on cryptocurrency activities in Nigeria generally. Federal authorities are enforcing this by making Binance provide details of transactions to traders from Nigeria. The objective is to stop activities related to currency speculation, for which transparency has been elusive in the region.</p> 
<h2 class="wp-block-heading" id="strong-broader-implications-for-binance-strong"><strong>Broader implications for Binance</strong></h2> 
<p>Apart from the tax evasion proceeding against Binance and its directors, the <a href="https://www.cryptopolitan.com/nigerian-court-delays-binance-executive-bail/">EFCC </a>claims that the company and its officials laundered over $35 million. Beginning May 2, the second stage of the trial will be held separately. Besides, the next bail hearing for the Binance executive, Gambaryan, has also been advanced to a later date. He remains incarcerated in the Kuje correctional facility in Abuja.</p> 
<p>In addition to his lawsuit against the Nigerian government, Gambaryan has also started a civil lawsuit. He explains that his illegal detention and the seizure of his passport are against the law. According to his writ, the above-mentioned actions breach his constitutional right to personal liberty as specified in Nigeria’s constitution.</p> 
<p>At the same time, Binance leadership said its efforts to cooperate with Nigerian governments. He made this remark at the Token2049 crypto conference in Dubai, which proved that this entity is employing constant strategies to address the legal issues facing the country. Besides this, the company was not present in the latest court hearing and has not stated who will be responsible for the case after the adjournment.</p>

Nigerian tax evasion hearing for Binance pushed to May

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