Nigerian Court Adjourns Binance Tax Evasion Trial to May 17

A Nigerian court has adjourned the tax evasion trial against cryptocurrency exchange Binance and two of its executives until May 17. BusinessDay, a local news platform, reports that the decision followed a procedural standoff because the exchange has not yet received formal charges.

The absence of one executive and the ongoing detention of another have complicated the case, which involves four counts of tax evasion.

Key points:

• Binance and its executives, Nadeem Anjarwalla and Tigran Gambaryan, are accused of four charges of tax evasion in Nigeria.
• One of the allegations is not registering for tax remittance purposes with Nigeria’s Federal Inland Revenue Service (FIRS).
• Anjarwalla left the nation last month, and Gambaryan did not enter a plea when he appeared in court.
• A procedural deadlock has resulted from the charges not having been duly served to Binance.
• Nigeria’s anti-graft agency has charged Binance and the executives with tax evasion and money laundering totaling over $35 million.

Tigran Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, appeared in court in Abuja on Friday but did not enter a plea. His co-defendant, Nadeem Anjarwalla, a British-Kenyan regional manager for Africa, fled the country last month and was not present for the proceedings.

FIRS stated that Gambaryan should face charges on behalf of Binance

The Federal Inland Revenue Service (FIRS), which brought the charges against Binance and its executives, argued that Gambaryan should face the charges on the exchange’s behalf. 

Chukwuka Ikuazom, the attorney for Gambaryan, shot back, arguing that Binance and its executives were accused jointly. The attorney further stated that he couldn’t make a plea until Nigerian law had properly served the exchange.

Judge Emeka Nwite adjourned the case to May 17, when he will issue a ruling on the matter. The tax evasion trial is not the only legal challenge facing Binance and its executives in Nigeria.

The Economic and Financial Crimes Commission (EFCC), the country’s anti-graft agency, has also charged them with laundering more than $35 million in a separate trial set to resume on May 2.

In a related development, Gambaryan is also suing the Nigerian government for allegedly violating his fundamental human rights. His motion claims that his detention in Nigeria and the confiscation of his passport violate the country’s constitution, which guarantees an individual’s right to personal liberty.