Binance, a popular cryptocurrency exchange, is currently facing four tax evasion charges in Nigeria. The Federal Inland Revenue Service (FIRS) has accused the company of not paying its taxes properly. The verdict on these charges is set to be announced on October 11 by a court in Abuja.
The lawyer representing Binance in Nigeria, Ayodele Omotilewa, has argued that the charges should be dropped due to lack of evidence. He has claimed that the crypto exchange is not guilty of the accusations brought against them. This plea was made in front of Judge Emeka Nwite, who is overseeing the case.
In a related development, two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, were detained in Nigeria earlier this year after negotiations with the government took a hostile turn. While Anjarwalla managed to escape and flee to Kenya, Gambaryan remains in custody. The executives have also been accused of money laundering, which has further complicated their legal situation.
US lawmakers have stepped in to advocate for Gambaryan’s release, stating that he does not hold a key decision-making position within Binance. They have called on the Nigerian government to prioritize his freedom, with one lawmaker even threatening to escalate the situation if he is not released by July 15.
The case against Binance and its executives comes at a time when the Central Bank of Nigeria is implementing stricter regulations for cryptocurrency firms operating in the country. The bank has raised concerns about the use of cryptocurrencies for trading the national currency, the Naira, and its impact on the economy. It has also highlighted the potential national security risks associated with the use of digital currencies within Nigeria.
Overall, the legal battle involving Binance and its executives in Nigeria is a complex and ongoing saga. The outcome of the tax evasion charges and the broader implications for cryptocurrency regulation in the country remain uncertain. As the situation continues to unfold, stakeholders both within Nigeria and internationally will be closely monitoring the developments in this case.