BREAKING: Nigerian Court Postpones Tax Evasion Case of Binance Executives, Sets New Date for Hearing
The tax evasion case involving cryptocurrency exchange Binance and two of its top executives has been adjourned until May 17 by the Federal High Court in Abuja.
The postponement occurred because Binance has not yet been officially served with the charges, leading to a delay in the proceedings.
During the court session, it was noted that one of the Binance executives, specifically named in the tax evasion charges by the Federal Inland Revenue Service (FIRS), was unable to enter a plea. The executive’s lawyer, Chukwuka Ikuazom, argued that his client could not proceed until Binance, which is the primary defendant, had been formally notified of the charges. This is a requirement under Nigerian law.
Judge Emeka Nwite decided to reschedule the hearing, marking May 17 as the date for his ruling. This decision followed a new motion presented by Mark Mordi (SAN), the attorney for the second defendant.
The court was also unable to address a bail-related application due to a request for more time by the EFCC’s counsel, Ekele Iheanacho, who needed additional time to prepare a response to the defence’s further affidavit. This affidavit was in opposition to the EFCC’s initial objections to the bail request.
The executives in question, Tigran Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, and Nadeem Anjarwalla, a British-Kenyan and the firm’s regional manager for Africa, face four counts of tax evasion. The charges are primarily related to their failure to register with Nigeria’s FIRS for tax remittance.
Furthermore, the EFCC accuses Binance and these executives of laundering over $35 million, with that trial set to resume on May 2. Despite the seriousness of the allegations, Binance was not represented in the recent court session and has made no immediate comments.
However, the company has indicated that it is actively cooperating with Nigerian authorities following the detention of Gambaryan.