Binance moves to settle tax evasion case with FG out of court

Binance Holdings Limited on Tuesday sought an amicable resolution of the ongoing tax evasion charge filed against it by the Federal Government.

The development was disclosed by the company’s counsel, Sunday Agaji, before Justice Emeka Nwite of the Federal High Court in Abuja.

The Federal Government’s lawyer, Moses Ideho, a Deputy Director in the Legal Department of the Federal Inland Revenue Service (now Nigeria Revenue Service), also confirmed the move.

When the matter was called, Ideho told the court that although the case was scheduled for continuation of trial, he had been informed earlier in the morning by defence counsel that Binance had approached the service to explore an out-of-court settlement.

Responding, Agaji corroborated Ideho’s statement.

“My lord, parties are actually exploring settlement. That is essentially where we are,” he said.

After listening to both counsel, Justice Nwite adjourned the matter until May 12 for a report on settlement.

The News Agency of Nigeria (NAN) reports that the fourth prosecution witness testified at the last adjourned hearing.

Binance Holdings Limited was, on July 12, 2024, re-arraigned on a four-count charge bordering on alleged tax evasion.

A Nigerian representative of Binance, Ayodele Omotilewa, who was docked, entered a plea on behalf of the company before Justice Nwite.

He pleaded not guilty to the four counts.

The re-arraignment followed the discharge of the cryptocurrency firm’s executive, Tigran Gambaryan, and his fleeing colleague, Nadeem Anjarwalla, from the alleged offences.

Justice Nwite, in a ruling on June 14, 2024, discharged and struck out the names of Gambaryan and Anjarwalla from the charge after Ideho filed an amended charge in which Binance was 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 before the same judge.

The anti-graft agency accused Binance of laundering 35.4 million dollars.

In addition, Binance is facing another civil suit before Justice Mohammed Umar, where the FIRS is seeking about 79.5 billion dollars over alleged economic losses linked to the company’s operations in Nigeria.