The Federal High Court in Abuja has adjourned the tax evasion case involving Binance Holdings Limited, a major cryptocurrency exchange platform. The case, labeled FHC/ABJ/CR/115/2024, was initiated by the Federal Inland Revenue Service (FIRS) accusing Binance and its executives of tax evasion.
Binance Holdings Limited, along with its officials Tigran Gambaryan and Nadeem Anjarwalla, are facing allegations of failing to register with the FIRS and neglecting to pay relevant taxes, including Value Added Tax (VAT). Despite offering taxable services to subscribers on its trading platform, Binance purportedly did not issue invoices for VAT payment.
During the court proceedings, Binance and Anjarwalla were notably absent, with no legal representation present. Counsel for the FIRS, Moses Ideh, informed the court that they encountered difficulties serving the charge to the second defendant, Gambaryan, who is currently in the custody of the Economic and Financial Crimes Commission (EFCC). Consequently, Justice Emeka Nwite directed that the charge sheet be delivered to the second defendant and adjourned the case until April 19 for arraignment.
This development emerges amidst recent reports of executives from Binance being detained upon entering Nigeria due to a ban on their website. Subsequently, the court ordered Binance to furnish the EFCC with comprehensive information regarding all Nigerian traders on its platform. Additionally, Nadeem Anjarwalla reportedly escaped from the custody of the office of the National Security Adviser on March 22, adding further intrigue to the ongoing legal saga.
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