A High Court situated in Abuja has scheduled October 11, 2024, to give a verdict over crypto exchange platform, Binance tax evasion trial.

Government Ban and Impact on Binance

Following the Nigerian Government ban on its currency trading, NGN on P2P, and exchanges, Binance trading activities have been put on hold. The Federal Government issued the ban to kick against currency speculation, which was said to have been the cause of the Naira devaluation.

Naira Devaluation

The Naira experienced a steep decline in value in the Foreign exchange and a loss of 70% of its value ever since it was allowed to float freely against the dollar. A shortage of dollars also worsened the situation.

Binance Negotiations and Executive Detention

After the ban, Binance sent two of its executives in February to have peaceful talks and negotiations with the Government. However, the executives, Nadeem Anjarwalla and Tigran Gambaryan, were detained by the Government for weeks.

Profiles of Detained Executives

Nadeem, a British Kenyan, is the serving regional manager for Africa, while Tigran Gambaryan is the head of financial crime compliance at Binance. After their release, they were both arraigned in court on money laundering charges, which they claimed not guilty of.

Tax Evasion Charges

In March, Binance was slammed with four counts of tax evasion, and also failure to register with Nigeria’s Federal Inland Revenue Service for tax purposes.

Court Proceedings

The Abuja High Court had a sitting on Friday, with Judge Nwite presiding over the trial. During this time, Binance Representative, Ayodele Omotilewa refuted all claims and charges laid by the Government.

Defense Argument

He claimed the case lacked substance and evidence enough to convict Binance or its officials. After hours of back and forth, Judge adjourned the case to October 11, 2024.

Judge’s Deliberation

Judge Nwite requested more time to make an assessment, deliberate over the evidence, and arrive at a judgment.