Nigerian Court Schedules Binance Tax Embezzlement Sentence

Nigerian court has scheduled a verdict for Binance tax evasion (Photo; Doc. Cryptoceptic)

JAKARTA - Nigerian courts have scheduled a decision on a tax evasion case involving the Binance crypto exchange on October 11. The announcement was made by the presiding judge, Emeka Nwite, on Friday.

On Friday, July 12, Binance's lawyer, Ayodele Omotilewa, was present at the court and pleaded not guilty to all charges before Judge Emeka Nwite. Binance faces four charges of tax evasion, including failing to register with Nigeria's Federal Revenue Service (FIRS) for tax purposes. During the trial, Binance's lawyers urged the judge to drop all charges, arguing that the case had no solid basis.

According to a Crypto News report, in June, the Federal High Court in Abuja acquitted Imageyan and Anjarwalla of tax evasion charges. Pictures, a citizen of the United States, and Anjarwalla, a Kenyan British who fled to Kenya, are still facing charges of separate money laundering, both of which they deny.

The court's decision follows a filing of charges that have been amended by FIRE, which effectively removed accusations of tax evasion of the two executives. However, charges against two of its executives were dropped in June, but they are still facing allegations of separate money laundering they deny. This change came after Binance appointed Omotilewa to handle its operations in Nigeria.

While Binance has not made direct comments, the company previously stated that the allegations should be dropped. Judge Nwite decided to postpone the case until October, giving more time for review and evaluation of the evidence submitted. This will provide additional time for the defense and prosecutors to prepare their respective cases.

The Nigerian government attributes some of its economic difficulties to Binance's activities, citing the platform's role in naira trade during a severe dollar shortage, which has contributed to the low-currency record.

On February 20, Binance users in Nigeria had difficulty trading Tether (USDT) for naira ( Nigerian fiat currency) on Binance's peer-to-peer (P2P) platform, marking the start of a significant problem. Binance responded by limiting USDT purchases by naira, disabling the Buy' option, and setting a benchmark of 1,802 naira for each US dollar, citing fraud prevention.

Following this incident, Nigerian authorities blocked access to major crypto exchanges, including Binance, due to concerns about currency manipulation and money laundering.