A Federal High Court in Abuja, on Tuesday, adjourned the tax evasion case instituted by the Federal Government against Binance Holdings Limited until July 9, as both parties continue discussions aimed at an out-of-court settlement.
Justice Emeka Nwite fixed the new date after counsel to Binance, Chukwuka Ikwuazom, SAN, and the Federal Government’s lawyer, Omotola Fatogun, informed the court that negotiations were ongoing.
Binance had earlier indicated its willingness to pursue an amicable resolution of the dispute when the matter came up on March 24.
At Tuesday’s proceedings, another counsel to the cryptocurrency firm, Sunday Adaji, told the court that engagement between the parties was still in progress.
Moses Ideho, Deputy Director in the Legal Department of the Federal Inland Revenue Service (FIRS), confirmed the position on behalf of the government.
The Federal Government had re-arraigned Binance Holdings Limited on July 12, 2024, on a four-count charge bordering on alleged tax evasion.
Ayodele Omotilewa, identified as the company’s Nigerian representative, entered a not guilty plea on behalf of Binance before Justice Nwite.
The re-arraignment followed the removal of Binance executive Tigran Gambaryan and his colleague, Nadeem Anjarwalla, from the charge after the prosecution amended its case to list Binance as the sole defendant.
Justice Nwite, in a ruling delivered on June 14, 2024, discharged and struck out the names of Gambaryan and Anjarwalla after the amended charge, dated June 13, was filed by the prosecution.
Binance is also facing a separate money laundering trial instituted by the Economic and Financial Crimes Commission (EFCC) before the same judge. The anti-graft agency alleged that the cryptocurrency platform laundered about $35.4 million.
In another related matter, the FIRS is pursuing a civil suit against Binance before Justice Mohammed Umar, seeking approximately $79.5 billion in damages over alleged economic losses linked to the company’s operations in Nigeria.
