Court Adjourns Binance Tax Evasion Case
The Federal High Court adjourns the Binance tax evasion case as settlement talks between both parties continue.
The Binance tax evasion case has been postponed again as both parties continue discussions aimed at reaching an out-of-court settlement.
The Federal High Court in Abuja on Thursday adjourned the Binance tax evasion case until 24 September to allow more time for settlement talks between the Federal Government and Binance Holdings Ltd. Justice Emeka Nwite granted the adjournment after the prosecution informed the court that both parties were still exploring a possible resolution.
Appearing for the prosecution, Moses Ideho, a Deputy Director of Legal and Prosecution at the Nigeria Revenue Service, said the matter had been scheduled for either a settlement report or the continuation of the trial. However, he explained that proceedings could not continue because the parties were still engaged in reconciliation efforts. He also referred to Justice Nwite’s elevation to the Court of Appeal, describing it as welcome news.
Counsel for Binance, Sunday Agaji, did not oppose the request, prompting the court to fix 24 September for either a report on the settlement discussions or the continuation of the Binance tax evasion case.
The case stems from the Federal Government’s decision to re-arraign Binance Holdings Ltd on 12 July 2024 over four counts of alleged tax evasion. Ayodele Omotilewa, the company’s representative in Nigeria, entered a not guilty plea on behalf of the company.
The re-arraignment followed the removal of Tigran Gambaryan and Nadeem Anjarwalla from the case after the prosecution filed an amended charge naming Binance Holdings Ltd as the sole defendant.
Aside from the Binance tax evasion case, the Economic and Financial Crimes Commission (EFCC) is prosecuting the company over alleged money laundering involving $35.4 million. Binance also faces a separate civil suit before another judge, where the Nigeria Revenue Service is seeking $79.5 billion over alleged economic losses linked to the company’s operations in Nigeria.
How do you think an out-of-court settlement could affect the outcome of this high-profile case?
Comments are closed.