A Federal High Court in Abuja has adjourned the tax evasion case against Binance Holdings Limited and its executives. The case, brought forth by the Federal Government, accuses the crypto firm and its top officials, Tigran Gambaryan and the fleeing Nadeem Anjarwalla, of tax evasion.
The lawsuit, filed under case number FHC/ABJ/CR/115/2024, alleges that Binance failed to register with the Federal Inland Revenue Service (FIRS) to pay all applicable taxes. This development has drawn significant attention, given the increasing scrutiny on cryptocurrency-related activities by regulatory bodies worldwide.
The adjournment of the case signals a pivotal moment in the ongoing legal battle between Binance and the Nigerian government. While specifics regarding the reason for the adjournment remain undisclosed, it reflects the complexity of the issues at hand and the meticulous legal proceedings involved.
Observers anticipate that the case will resume with heightened interest, as stakeholders closely monitor its outcome for potential implications on the regulation of cryptocurrency exchanges in Nigeria and beyond. The proceedings are expected to shed light on the evolving landscape of taxation in the cryptocurrency industry and the responsibilities of market participants in complying with regulatory requirements.
As the case unfolds, both Binance and the Federal Government are likely to present compelling arguments, shaping the trajectory of the legal dispute and its ramifications on the broader crypto ecosystem.
