The criminal case involving cryptocurrency exchange Binance and two of its key employees has been postponed until May 17. The Nigerian court postponed the trial as Binance had not yet received formal charges. The trial was initiated in response to allegations of tax evasion made by the Federal Inland Revenue Service (FIRS). Local reports indicate that the FIRS has not yet formally served the charges to Binance.
During the court proceedings, the FIRS representative stated that Binance co-founder Tigran Gambaryan had been served and was present to represent the company. However, the defense lawyer, Chukwuka Ikuazom, argued that according to Nigerian law, Binance, as the primary defendant, must be served first before any pleas are made. As a result, Judge Emeka Nwite decided to adjourn the trial until mid-May.
Furthermore, Nigerian authorities have brought various charges against Binance, primarily related to its failure to comply with the FIRS regarding tax payments. It has been suggested that the company’s failure to register certain units may have affected the country’s revenue from local businesses. Tigran Gambaryan, who is the head of financial crime compliance and a US citizen, had some involvement in the filing of the complaint.
The trial’s postponement is part of the Nigerian government’s crackdown on cryptocurrency activities in the country. The government is requiring Binance to provide transaction details to traders from Nigeria in an effort to curb currency speculation, which has lacked transparency in the region.
In addition to the tax evasion charges, the EFCC (Economic and Financial Crimes Commission) has accused Binance and its officials of money laundering over $35 million. The second phase of the trial will commence separately from May 2. Furthermore, the next bail hearing for Binance executive Tigran Gambaryan has been rescheduled for a later date. He is currently being held in the Kuje correctional facility in Abuja.
Gambaryan has filed a civil lawsuit against the Nigerian government, citing illegal detention and the confiscation of his passport as violations of his constitutional right to personal liberty. He is seeking legal redress for these actions.
Meanwhile, Binance’s leadership has expressed its commitment to cooperating with Nigerian authorities. This statement was made at the Token2049 crypto conference in Dubai, demonstrating the company’s ongoing efforts to address the legal issues it faces in the country. However, Binance was not present at the latest court hearing and has not yet announced who will be responsible for the case after the adjournment.
