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The largest crypto platform, Binance Holdings Limited’s trial for alleged tax evasion, has a ruling date set for October 11. Justice Emeka Nwite of the Federal High Court in Abuja will preside over the case. 
Also Read: <a href="https://www.cryptopolitan.com/germany-liquidation-of-2-9b-in-bitcoin/">Germany completes liquidation of $2.9b in Bitcoin holdings</a> 
The platform and its two directors were brought before the Federal Government on charges of tax evasion. This was due to their failure to register with the Federal Inland Revenue Service (FIRS) for tax purposes. 
<h3 class="wp-block-heading" id="binance-to-know-trial-fate-in-3-months">Binance to know trial fate in 3 months</h3> 
<a href="https://www.ripplesnigeria.com/court-to-rule-on-binance-tax-evasion-case-october-11/" rel="nofollow noopener" target="_blank">Reports </a>indicate that Ayodele Omotilewa, the lawyer representing the crypto firm, appeared in court on Friday and entered a plea of not guilty to the charges. Omotilewa strongly urged the judge to dismiss the charges, emphasizing the lack of substance in the case.&nbsp; 
This lack of substance is evident in the previous dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. 
In June, a Federal High Court in Abuja acquitted Gambaryan and Anjarwalla of tax evasion charges. Gambaryan, an American, and Anjarwalla, a British Kenyan who fled to Kenya, are currently facing separate money laundering charges, which they deny. 
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 <a href="https://www.nytimes.com/2024/04/18/technology/binance-crypto-compliance-officer-nigerian-prison.html" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXck7TI2t8hD9zbX4e4wP8pjbwuhOLpev1tQTQLQKKyHSI5bDQrfDmg9wf8qUFfvhJhDjPUdY6-HEw-hQE4z59T1fgRMxbfOi6rMHZImfZ-5tt0rx7cnHMAZ1I_LpU5oc2Rd3AaoenbEFeKoQ-mEGjpzalSE?key=PVlJw8mUMRDuo4eqIxDh0w" alt="" width="1024" height="768"></a>
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 Source: The Newyork Times
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Judge Nwite’s decision to postpone the case until October allows for further review and analysis of the evidence presented. This gives both the defense and the prosecution extra time to prepare for their own cases. 
<h3 class="wp-block-heading" id="the-background-of-nigeria-s-case-against-binance">The background of Nigeria’s case against Binance&nbsp;</h3> 
In February, two senior Binance executives, Nadeem Anjarwalla and Tigran Gambaryan, were detained by Nigerian authorities during a visit. They were charged with evading taxes and engaging in money laundering. 
Although Binance has not provided any official statements regarding the recent developments, it has argued that the charges should be dismissed. However, Nigeria has linked its currency problems to Binance, highlighting that crypto platforms have emerged as the favored avenue for trading the Nigerian naira amidst significant dollar shortages and the currency’s historically low value. 
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Enforcing regulations on crypto activities aligns with the National Security Adviser’s position that trading in crypto presents a potential threat to national security.&nbsp; 
As part of this initiative, the Central Bank of Nigeria (CBN) directed fintech companies to identify and report accounts engaged in cryptocurrency transactions and implement necessary measures to halt any further activity.

Abuja High Court schedules Binance’s tax evasion verdict for Oct 11

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