Security

A Nigerian court has scheduled the verdict for the tax evasion trial against crypto exchange Binance for Oct. 11. Binance faces four counts of tax evasion, including failing to register with Nigeria’s Federal Inland Revenue Service (FIRS).
According to local media, Binance lawyer Ayodele Omotilewa&nbsp;<a href="https://www.ripplesnigeria.com/court-to-rule-on-binance-tax-evasion-case-october-11/" target="_blank" rel="noopener nofollow">appeared</a> in court on Friday, July 12, and entered a not-guilty plea to all four charges before Judge Emeka Nwite. 
<h3 data-ct-non-breakable="true" id="case-adjourned-until-october">Case adjourned until October</h3>
Omotilewa urged the judge to dismiss the charges, arguing that the case lacks substance, similar to the previous dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla.
In June, the Federal High Court in Abuja <a href="https://cointelegraph.com/news/nigerian-officials-drop-some-charges-detained-binance-exec">cleared Gambaryan and Anjarwalla</a> of tax evasion charges. Gambaryan, a United States citizen, and Anjarwalla, a British Kenyan who fled to Kenya, still face separate money laundering charges, which they both deny.
The court’s decision followed FIRS’ submission of amended charges that effectively dropped the tax evasion allegations against the two executives. This change came after Binance appointed Omotilewa to handle its local operations.
Judge Nwite’s decision to adjourn the case until October allows for further deliberation and review of the evidence presented. This gives the defense and the prosecution additional time to prepare their respective cases.
<h3 data-ct-non-breakable="true" id="background-of-case">Background of case</h3>
In February, Nigerian <a href="https://cointelegraph.com/news/binance-tigran-gambaryan-detained-nigeria">authorities&nbsp;detained Anjarwalla and Gambaryan</a> during a visit to Nigeria. They were held for several weeks amid allegations of tax evasion and money laundering.
Related:&nbsp;<a href="https://cointelegraph.com/news/us-lawmaker-congress-binance-exec-nigeria-hostage">US lawmaker asks Congress to treat Binance exec in Nigeria as a ‘hostage’</a>
While Binance has not commented on the latest developments, it previously said that the <a href="https://cointelegraph.com/news/nigerian-officials-coerce-binance-crypto-settlement-scandal">charges should be dismissed</a>. However, Nigeria has <a href="https://cointelegraph.com/news/nigerian-government-blames-binance-for-its-own-mismanagement">attributed its currency issues</a> to Binance and claimed that cryptocurrency platforms have become the preferred method for trading the Nigerian naira amid severe dollar shortages and the fiat currency’s record low value.
The crackdown on cryptocurrency activities is consistent with the National Security Adviser’s stance that cryptocurrency trading poses a national security risk. As part of this effort, the Central Bank of Nigeria (CBN) instructed fintech companies to identify and <a href="https://cointelegraph.com/news/nigerian-fintechs-warn-users-crypto-sanctions#:~:text=Nigerian%20fintech%20firms%20Moniepoint%2C%20PalmPay,to%20stop%20onboarding%20new%20customers.">report accounts involved in cryptocurrency</a> transactions and take appropriate action to prevent further activity.
The CBN payment policy and regulation chief appeared in court on July 6 and argued that only banks and authorized financial institutions should be&nbsp;<a href="https://cointelegraph.com/news/cbn-criticizes-binance-unauthorized-banking-nigeria">allowed to process deposit and withdrawal</a> transactions for Binance as part of the ongoing case.
Magazine: <a href="https://cointelegraph.com/magazine/hackers-crypto-wallets-recover-savings/">Meet the hackers who can help get your crypto life savings back</a>

Binance tax evasion verdict set for October

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Cointelegraph

Інші статті, опубліковані 13 лип. 2024 р.

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