Verdict on Binance Tax Evasion Case in Nigeria Slated for October

The Binance tax evasion legal dispute might soon conclude. The imminent conclusion emanates from Justice Emeka Nwite’s decision to announce a new date for a final court ruling.

For context, Justice Nwite has been the presiding Judge in the protracted lawsuit involving Binance and the Nigerian government. Per local media, he announced October 11, 2024, as a new date for a final verdict during the most recent court session on Friday, July 12. Therefore, Binance and its two executives, Tigran Gambaryan and Nadeem Anjarwalla, acquittal remains hanging, pending the final ruling.

Binance Tax Evasion Escapade In Nigeria

Binance has been facing tax evasion charges due to failure to register the exchange under the Federal Inland Revenue Service (FIRS). In Nigeria, the FIRS is responsible for accruing revenues, including taxes, to the Federal Government of Nigeria.

Hence, it underscores the significance of registering under the regulatory body. Equally, Binance's failure to register is significant owing to its market dominance and Nigeria's recent heightened scrutiny of crypto-related entities.

Court Arguments

Nigerian legal counsel to Binance, Ayodele Omotilewa, appeared in court on Friday and pleaded not guilty to the four-count charges against the exchange. Notably, the four-count charges included failure to register with the FIRS and money laundering counts.

Ayodele argued that the case against Binance lacked solid evidence, urging the court to drop all charges against his clients. He cited the dismissal of the tax evasion charges against Gambaryan and Anjarwalla as a solid backing to acquit Binance.

Presiding Judge’s Decision And Implications

Judge Emeka Nwite's verdict on October 11 will be a landmark ruling. It will impact Binance's tax evasion stance and the entire outlook on cryptocurrency in the country.

Also, it will include updating the former operational guidelines for crypto exchanges and other digital asset platforms. Interestingly, newly stipulated penalties for entities that fail to adhere to the laid-down regulations will emerge. In the meantime, the defense and prosecution continue to prepare for the outcome on October 11.

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.

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