2024-07-12T15:35:09.623+02:00
Friday, 12/07/2024 | 13:35 GMT by
Jared Kirui
- The exchange’s representative pleaded not guilty to all charges during a recent hearing.
- Similar charges against two Binance executives were dropped in June, but they still face separate money laundering allegations.
Binance has been scheduled to face tax evasion
charges in Nigeria on October 11, Reuters reported. This marks a significant legal battle for the
cryptocurrency giant accused of
failing to register with Nigeria’s Federal Inland Revenue Service for tax
purposes, among other counts.
Charges and Court Proceedings
During a recent hearing, Binance’s representative
Ayodele Omotilewa pleaded not guilty to all charges before Judge Emeka Nwite.
While similar charges against two Binance executives were dropped in June, they
still face separate money laundering allegations, which they deny.
Nigeria has linked its currency challenges to Binance,
attributing some of its economic issues to the popularity of cryptocurrency
trading platforms. As the Nigerian naira dropped to record lows amid persistent
dollar shortages, many turned to crypto exchanges like Binance for trading,
exacerbating the situation.
Binance has argued for the dismissal of the charges,
though it has yet to issue an official comment on the recent developments. The
outcome of the trial could significantly impact Binance’s operations in Nigeria
and potentially influence the broader regulatory landscape for cryptocurrencies
in the region.
Meanwhile, Nigeria recently dismissed a fundamental rights enforcement case filed by Binance’s executive Nadeem Anjarwalla. This
followed Anjarwalla’s escape from lawful custody to Kenya. The matter involved
claims against Nigeria’s National Security Adviser and the Economic and
Financial Crimes Commission.
Anjarwalla, Binance’s Africa Regional Manager, and his
counterpart Tigran Gambaryan brought lawsuits seeking their release from
detention by the NSA and EFCC. The duo was arrested in Nigeria to face tax
evasion and money laundering charges.
Mounting Legal Tussle
However, Anjarwalla’s representative reportedly
requested permission to withdraw his appearance in March. The judge granted
this request, postponing the matter for further mention. However, on the
scheduled date, no legal representative appeared on behalf of Anjarwalla,
leading to the dismissal of the case.
Binance has been attempting to address the legal challenges it faces in Nigeria. In countering accusations of bribery brought by Binance Holdings Ltd, the West African country has opposed the cryptocurrency firm’s claims, dismissing them as a diversionary tactic.
The battle recently heightened following a blog post by
Binance’s Chief Executive Officer, Richard Teng, alleging coercive demands for
an alleged secret payment to resolve issues within Nigeria. Teng’s revelation
raised a concern, casting a shadow over the already strained relationship
between Binance and Nigerian authorities.
Binance has been scheduled to face tax evasion
charges in Nigeria on October 11, Reuters reported. This marks a significant legal battle for the
cryptocurrency giant accused of
failing to register with Nigeria’s Federal Inland Revenue Service for tax
purposes, among other counts.
Charges and Court Proceedings
During a recent hearing, Binance’s representative
Ayodele Omotilewa pleaded not guilty to all charges before Judge Emeka Nwite.
While similar charges against two Binance executives were dropped in June, they
still face separate money laundering allegations, which they deny.
Nigeria has linked its currency challenges to Binance,
attributing some of its economic issues to the popularity of cryptocurrency
trading platforms. As the Nigerian naira dropped to record lows amid persistent
dollar shortages, many turned to crypto exchanges like Binance for trading,
exacerbating the situation.
Binance has argued for the dismissal of the charges,
though it has yet to issue an official comment on the recent developments. The
outcome of the trial could significantly impact Binance’s operations in Nigeria
and potentially influence the broader regulatory landscape for cryptocurrencies
in the region.
Meanwhile, Nigeria recently dismissed a fundamental rights enforcement case filed by Binance’s executive Nadeem Anjarwalla. This
followed Anjarwalla’s escape from lawful custody to Kenya. The matter involved
claims against Nigeria’s National Security Adviser and the Economic and
Financial Crimes Commission.
Anjarwalla, Binance’s Africa Regional Manager, and his
counterpart Tigran Gambaryan brought lawsuits seeking their release from
detention by the NSA and EFCC. The duo was arrested in Nigeria to face tax
evasion and money laundering charges.
Mounting Legal Tussle
However, Anjarwalla’s representative reportedly
requested permission to withdraw his appearance in March. The judge granted
this request, postponing the matter for further mention. However, on the
scheduled date, no legal representative appeared on behalf of Anjarwalla,
leading to the dismissal of the case.
Binance has been attempting to address the legal challenges it faces in Nigeria. In countering accusations of bribery brought by Binance Holdings Ltd,
