Nigeria postpones the tax evasion trial of cryptocurrency exchange Binance and two of its executives until May 17, due to procedural issues in serving the primary charges. The trial, which implicates Binance in a tax compliance case, was expected to proceed earlier but has encountered delays because the Federal Inland Revenue Service (FIRS) has not formally served the charges to Binance.
Details on the Court Proceedings
During a recent court session, it was revealed that while Binance’s executive, Tigran Gambaryan, had been served, the company itself had not received the formal charges. This development led to Gambaryan’s lawyer, Chukwuka Ikuazom, citing Nigerian law that his client could not plead until Binance, identified as the primary defendant, had been officially served. Consequently, Judge Emeka Nwite decided to adjourn the case to mid-May.
The delay adds another layer of complexity to Binance’s legal challenges in Nigeria. The company, alongside its executives, faces accusations not just of tax evasion but also of money laundering involving over $35 million.
This adjournment allows Binance to coordinate with Nigerian authorities, as the company has expressed commitment to resolving these issues. The trial resumption in May will likely offer new insights into the evolving regulatory landscape for cryptocurrencies in Nigeria.
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