Nigerian Court To Begin Binance’s Tax Evasion Trial In October

The post Nigerian Court To Begin Binance’s Tax Evasion Trial In October appeared first on Coinpedia Fintech News

As per a report from Reuters, A Nigerian Court will begin a trial against Binance over tax evasion charges on October 11, the judge hearing the case said on Friday. Binance currently faces four counts of tax evasion, including failure to register with Nigeria’s Federal Inland Revenue Service for tax purposes. 

Binance Representative Urges Judge To Dismiss The Charges

Binance representative Ayodele Omotilewa, on Friday, pleaded not guilty to the four charges at a hearing before Judge Emeka Nwite. Omotilewa urged the judge to dismiss the charges, arguing that the case lacks substance, like the previous dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla.

In June, the Federal High Court in Abuja cleared Gambaryan and Anjarwalla 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 both of them deny. 

Judge Nwite’s decision to adjourn the case until October will allow further deliberation and review of the evidence presented. This will give the defense and the prosecution additional time to prepare their respective cases.

The Crypto Crackdown

Nigeria has blamed Binance for its currency sufferings after crypto websites became the platforms of choice for trading the Nigerian Naira as the country struggled with chronic dollar shortages with its currency falling to a record low.

In a larger effort to control crypto activities, the Central Bank of Nigeria (CBN) has instructed fintech companies to identify and report accounts involved in cryptocurrency transactions and take appropriate action to prevent further activity.

A Central bank official recently argued in court that only banks and authorized financial institutions should handle Binance-related transactions.