A tax evasion trial against cryptocurrency firm Binance and two of its executives was postponed by a Nigerian court on Friday until May 17. This was done because the exchange had not received formal notice of the allegations against it.
Four charges of tax evasion are brought against Binance and its executives, Tigran Gambaryan, a US citizen who oversees financial crime compliance, and Nadeem Anjarwalla, a British Kenyan who serves as a regional manager for Africa.
One of the allegations is not registering for tax remittance purposes with Nigeria’s Federal Inland Revenue Service (FIRS).
Gambaryan did not enter a plea when he appeared in court in Abuja on Friday. Last month, Anjarwalla left the nation.
FIRS has filed tax evasion accusations against Binance, but their attorney maintained that Gambaryan ought to answer for the exchange.
Chukwuka Ikuazom, the attorney for Gambaryan, protested, claiming that under Nigerian law, he could not accept a plea until the exchange, the first defendant in the case, had been served because Binance and its officials were charged jointly.
Judge Emeka Nwite postponed making a decision until May 17.
The Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-graft agency, has charged Binance and the executives with laundering more than $35 million. The trial on this issue is scheduled to resume on May 2.
Following Gambaryan’s arrest, Binance, which did not appear in court and did not immediately respond, announced on Thursday that it is collaborating closely with Nigerian authorities.
As investors processed the most recent economic statistics and remarks from Federal Reserve officials—who hinted that the central bank is unlikely to drop interest rates anytime soon—US stocks closed the day mostly lower on Thursday.00:0402:19
