Nigerian Court to Hear Binance Tax Evasion Case in October

In a significant development, a Nigerian court is set to commence proceedings against cryptocurrency giant Binance on October 11 for alleged tax evasion, according to a Reuters report. The company faces four charges, including failing to register with Nigeria’s Federal Inland Revenue Service for tax purposes.
At a recent hearing, Binance representative Ayodele Omotilewa pleaded not guilty to all charges and called for the case’s dismissal, referencing the recent exoneration of Binance executives Tigran Gambaryan and Nadeem Anjarwalla on similar grounds. The case has been adjourned until October to allow for further evidence review.
Nigeria’s relationship with cryptocurrency has been fraught, with the Central Bank of Nigeria (CBN) actively regulating crypto activities. The CBN has mandated fintech companies to report accounts involved in cryptocurrency transactions, emphasizing the government’s intent to control the sector. Nigeria attributes some of its currency issues to platforms like Binance, which facilitate trading in the Nigerian Naira amidst dollar shortages.