Binance Holdings Limited, on Tuesday, March 24, sought an amicable resolution of the ongoing tax evasion charge filed against it by the federal government.
The development was disclosed by the company’s counsel, Sunday Agaji, before Justice Emeka Nwite of the federal high court in Abuja.
The federal government’s lawyer, Moses Ideho, a deputy director in the legal department of the Nigeria Revenue Service (NRS), also confirmed the move.
When the matter was called, Ideho told the court that although it was scheduled for continuation of trial, he had been informed earlier in the morning by the defence lawyer that Binance had approached the service to explore an out-of-court settlement.
Responding, Agaji corroborated Ideho’s statement.
“My lord, parties are actually exploring settlement. That is essentially where we are,” he said.
After listening to the lawyers, Nwite adjourned the matter until May 12 for a report on settlement.
The Fourth Prosecution Witness (PW-4) testified on the last adjourned date.
Binance Holdings Limited was, on July 12, 2024, re-arraigned on a four-count charge bordering on tax evasion.
The Nigerian representative of Binance, Ayodele Omotilewa, who was docked, took a plea on behalf of the company before Justice Nwite.
He pleaded not guilty to the four counts.
The re-arraignment before the judge followed the discharge of the cryptocurrency firm’s executive, Tigran Gambaryan, and his fleeing colleague, Nadeem Anjarwalla, from the alleged offence.
In a ruling on June 14, 2024, Nwite discharged and struck out the names of Gambaryan and Anjarwalla from the charge after Ideho filed an amended charge in which Binance was listed as the sole defendant.
The amended charge was dated June 13, 2024, but filed on June 14, 2024.
The Economic and Financial Crimes Commission (EFCC) is also prosecuting the cryptocurrency company on allegations bordering on money laundering before the same judge.
The anti-graft agency had accused Binance of money laundering to the tune of $35.4 million.
In addition, Binance is facing another civil suit before Justice Mohammed Umar, a sister judge, where the NRS is demanding about $79.5 billion over economic losses allegedly caused by the company’s operations in Nigeria.
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