Binance Seeks Settlement in Nigeria Tax Evasion Case

Binance is currently seeking an out-of-court settlement with the Federal Government of Nigeria concerning allegations of tax evasion. This development was disclosed by Sundai Agaji, the company's counsel, during proceedings at the Federal High Court in Abuja, overseen by Justice Emeka Nwite.

The Federal Government's lawyer, Mose Ideho, confirmed that although the trial is set to continue, Binance had approached the Federal Inland Revenue Service earlier to discuss a potential settlement. Justice Nwite has adjourned the case to May 12, 2024, to monitor the progress of the settlement discussions.

Previously, on July 12, 2024, Binance was re-arraigned on four counts related to tax evasion, with Ayodel Omotilewa entering a not guilty plea on behalf of the company. This re-arraignment followed the discharge of two executives, Tigran Gambaryan and Nadeem Anjarwalla, from the charges.

Additionally, Binance faces prosecution from the Economic and Financial Crimes Commission for alleged money laundering involving $35.4 million and a civil suit from the Federal Inland Revenue Service demanding approximately ₦79.5 billion for economic losses attributed to the company's operations in Nigeria.