Nigerian Court Adjourns Binance Tax Evasion Case

A Nigerian court has postponed the tax evasion trial involving cryptocurrency exchange Binance and two of its senior executives to May 17, according to local publication Business Day.

On February 25, Nigerian law enforcement detained Tigran Gambaryan, the Vice President for Global Intelligence and Investigations at the platform, and Nadeem Anjarwalla, the Director for West and East Africa. In March, the latter escaped custody and illegally left the country.

The trial was postponed due to the absence of formal charges against Binance from Nigeria’s Federal Inland Revenue Service. The agency’s lawyer stated that Gambaryan should face charges on behalf of the exchange.

His lawyer, Chukwuka Ikwuazom, countered that under Nigerian law, his client cannot plead guilty until the main defendant, the platform, is charged.

On April 18, the Federal High Court in Abuja deferred the hearing on Gambaryan’s bail application. Judge Emeka Nwite rescheduled the session for April 22.

On April 8, the court rejected Gambaryan’s defense argument that he should not be held accountable for Binance’s operations in Nigeria, citing his role in conducting educational training for local officials as a representative of the exchange.

Gambaryan pleaded not guilty and claimed his rights were violated. Following the session, he was placed in a high-security detention facility. The executive is accused of tax evasion and money laundering amounting to $35 million.

The trial was initially set for May 2.

In early April, Binance requested Nigeria not to prosecute Gambaryan, arguing he lacks decision-making authority within the company. The exchange continues negotiations with the local government.

Authorities in Nigeria accuse Binance Holdings Limited, Gambaryan, and Anjarwalla of tax evasion, asserting that individuals used the exchange to launder nearly $21.6 billion.

The company has been asked to provide data on all local users and their transaction history. The platform is also required to settle any outstanding tax liabilities. Binance faces a potential fine of $10 billion.