Binance Tax Evasion trial fixed for October

By Aisha Dahuwa

A High Court in Abuja has scheduled October for verdict in the tax evasion trial against Binance, a cryptocurrency exchange.

The trial is billed to commence on October 11.

Binance is facing four counts of tax evasion, including failure to register with the Federal Inland Revenue Service (FIRS) for tax purposes.

The company has maintained its innocence, with representative Ayodele Omotilewa pleading not guilty to the charges in a hearing on Friday.

The trial comes as Nigeria struggles with chronic dollar shortages and a plummeting currency.

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Nigeria has attributed its currency issues to Binance, noting that cryptocurrency platforms have become the preferred method for trading the Nigerian naira amid severe dollar shortages and the currency’s record low value.

The government has blamed Binance for exacerbating the country’s currency woes, alleging that the platform had become a haven for trading the Nigerian naira.

In a surprise move, similar charges against two Binance executives were dropped on June 14, although they still face separate money laundering charges, which they deny.

Binance has yet to comment on the latest developments but has previously stated that the charges should be dropped.