The tax evasion trial involving cryptocurrency exchange Binance and two of its executives in a Nigerian court has been postponed until May 17. The reason for the delay is that the charges have not been formally served to Binance. The Federal Inland Revenue Service (FIRS) argued that Tigran Gambaryan, who represents Binance as the primary defendant, had already been served, considering that both Binance and its executives were charged together. However, Gambaryan’s lawyer objected, citing Nigerian law that states he cannot plead until Binance, the primary defendant, is served. The judge has adjourned the proceedings until May 17 to make a ruling.
Binance and its executives, Tigran Gambaryan and Nadeem Anjarwalla, were arrested on February 28 and charged with four counts of tax evasion during a visit to Nigeria. The arrest occurred after the Nigerian government banned cryptocurrency channels as part of an effort to reduce currency speculation. The court has mandated that Binance provide the Nigerian government with access to data and details of Nigerian traders using its platform.
Apart from the tax evasion trial, Binance and its executives are also facing charges of money laundering, totaling over $35 million, by Nigeria’s anti-graft agency. The trial for these charges is set to resume on May 2.
Binance, which was not represented in court and did not provide immediate comment, stated at a crypto conference in Dubai that it is cooperating closely with Nigerian authorities following the detention of Gambaryan.
In the meantime, the bail application hearing for Tigran Gambaryan has been postponed again by a federal high court in Abuja. Gambaryan remains in custody at the Kuje correctional center. However, he is also suing the government for violating his fundamental human rights, claiming that his detention in Nigeria and the confiscation of his passport violate the country’s constitution, which guarantees an individual’s right to personal liberty.