Court postpones Binance tax evasion trial to allow settlement negotiations

The Federal High Court in Abuja adjourned on Tuesday the tax‑evasion case that the Federal Government filed against Binance Holdings Limited, setting a new hearing date for July 9 to receive a report on any settlement talks between the parties.

Justice Emeka Nwite, who presided over the matter, granted the adjournment after Binance’s counsel, Senior Advocate of Nigeria Chukwuka Ikwuazom, and the government’s lawyer, Omotola Fatogun, told the court that negotiations aimed at an out‑of‑court resolution were still underway.

The cryptocurrency firm had previously, on March 24, expressed a willingness to resolve the dispute amicably.

During the hearing, another Binance counsel, Sunday Adaji, also confirmed that settlement discussions between the two sides were ongoing.

Representing the government, Moses Ideho of the Federal Inland Revenue Service’s legal department (now the Nigeria Revenue Service) acknowledged the continuation of settlement talks.

Binance Holdings Limited was re‑arraigned on July 12, 2024, on four counts alleging tax evasion.

At that hearing, the company’s Nigerian representative, Ayodele Omotilewa, entered a not‑guilty plea before Justice Nwite.

The re‑arraignment followed the removal of two executives, Tigran Gambaryan and Nadeem Anjarwalla, after the court struck their names from the case in response to an amended charge filed by the prosecution.

The amended charge, dated June 13, 2024 and filed on June 14, 2024, named Binance as the sole defendant.

In a separate proceeding, the Economic and Financial Crimes Commission (EFCC) is also prosecuting Binance in the same court on allegations of money laundering involving $35.4 million.

Additionally, the company faces a civil suit before Justice Mohammed Umar, where the Federal Inland Revenue Service seeks approximately $79.5 billion in damages, alleging economic losses tied to Binance’s operations in Nigeria.