Court adjourns FG’s suit against Binance for report of settlement
The Federal High Court in Abuja on Tuesday adjourned the alleged tax evasion case filed by the Federal Government against Binance Holdings Ltd until July 9 for a report of settlement.
Justice Emeka Nwite adjourned the matter after Binance’s lawyer, Chukwuka Ikwuazom, SAN, and the Federal Government’s counsel, Omotola Fatogun, informed the court that the parties were still discussing settling the case out of court.
The News Agency of Nigeria (NAN) reports that the cryptocurrency company had, on March 24, sought an amicable resolution of the matter.
Another lawyer, Sunday Adaji, who represents Binance, informed the court that discussions were ongoing.
Mr Moses Ideho, a Deputy Director, Legal Department, Federal Inland Revenue Service (now Nigeria Revenue Service), confirmed the development on the federal government’s behalf.
Binance Holdings Limited was, on July 12, 2024, re-arraigned on a four-count charge bordering on tax evasion allegations.
The Nigerian representative of Binance, Ayodele Omotilewa, who was docked, took a plea on behalf of the company before Justice Nwite.
He pleaded not guilty to the four counts.
The re-arraignment before the judge followed the discharge of the cryptocurrency firm’s executive, Tigran Gambaryan, and his fleeing colleague, Nadeem Anjarwalla, from the alleged offence.
Justice Nwite, in a ruling on June 14, 2024, discharged and struck out Gambaryan’s and Anjarwalla’s names from the charge after Ideho filed an amended charge wherein Binance is listed as the sole defendant.
The amended charge was dated June 13, 2024, but filed on June 14, 2024.
NAN reports that the Economic and Financial Crimes Commission (EFCC) is also prosecuting the cryptocurrency company on allegations bordering on money laundering offences before the same judge.
The anti-graft agency had accused Binance of money laundering to the tune of $35.4 million.
Besides, Binance is also facing another civil suit before Justice Mohammed Umar, a brother judge, where the FIRS is demanding about 79.5 billion dollars over economic losses allegedly caused by the company’s operations in Nigeria. (NAN)
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