finance
Nigerian Court Adjourned Tax Evasion Case Against Binance Until September
A federal high court in Abuja postponed the tax evasion trial against Binance Holdings Ltd. The adjournment followed statements that the parties were discussing an out-of-court settlement.
Jul 9, 12:53 PM·1m read1 source
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The Federal High Court in Abuja adjourned the tax evasion case against Binance Holdings Ltd until 24 September for a report on possible settlement. The judge adjourned the matter after the prosecution lawyer told the court that the parties were still exploring reconciliation.
The same lawyer noted that the case could not proceed because of the judge's elevation to the appeal court and ongoing settlement talks.
Background of the case The prosecution re-arraigned Binance Holdings Limited on four counts of tax evasion on 12 July 2024. A company representative entered a not guilty plea on behalf of the firm. The court had previously discharged two individuals from the charges after the prosecution filed an amended charge naming only the company as defendant.
Commission is also prosecuting Binance on money laundering allegations before the same judge. A separate civil suit filed by tax authorities seeks $79.5 billion in alleged economic losses from the company's operations in Nigeria.
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