The legal battle between Binance and Nigerian authorities over tax evasion and money laundering charges sees new developments, with the court setting a verdict date and highlighting the country’s tough stance on cryptocurrency regulation.
Points
- Binance faces legal challenges in Nigeria over tax evasion and money laundering.
- A not-guilty plea was entered by Binance’s legal representative.
- The court has set a verdict date, providing more time for evidence review.
- Nigeria maintains a strict regulatory approach towards cryptocurrency activities.
On July 12, Binance’s legal representative, Ayodele Omotilewa, appeared in court to address charges of tax evasion and money laundering. Omotilewa entered a not-guilty plea on behalf of Binance and argued for the dismissal of the charges, citing a lack of substantial evidence.
The legal issues for Binance in Nigeria began in February when executives Anjarwalla and Gambaryan were arrested during a visit. They were accused of tax evasion and money laundering, charges they have strongly denied. The Federal High Court in Abuja cleared them of tax evasion in June following amended charges from the Federal Inland Revenue Service （FIRS）, but they still face separate money laundering charges.
Omotilewa’s defense is strengthened by the recent dismissal of charges against Gambaryan, a U.S. citizen, and Anjarwalla, a British Kenyan who returned to Kenya after his release. The amended charges by FIRS dropped the tax evasion allegations after Binance appointed Omotilewa to manage its local operations.
Judge Emeka Nwite’s decision to adjourn the case until October allows both the defense and prosecution additional time to review evidence and prepare their arguments.
Nigeria’s Tough Stance
Meanwhile, Nigeria remains firm in its regulatory approach to cryptocurrency activities. The crackdown on the crypto sector aligns with the National Security Adviser’s stance, which views cryptocurrency trading as a potential national security threat. The Central Bank of Nigeria （CBN） has instructed fintech companies to identify and report accounts involved in cryptocurrency transactions and take appropriate action to halt such activities.
Explanation
- Binance’s legal representative entered a not-guilty plea to charges of tax evasion and money laundering.
- The case has been adjourned to October to allow further evidence review.
- Nigeria continues to enforce strict regulations on cryptocurrency activities.
- The outcome of this trial could have significant implications for the crypto industry in Nigeria.