The trial of cryptocurrency exchange Binance and two of its executives over allegations of tax evasion at the Federal High Court in Abuja was adjourned on Friday.
News About Nigeria reports that the trial has been postponed until May 17, due to Binance not being formally served with the charges.
The decision was made following a legal objection raised by the executive’s lawyer, Chukwuka Ikuazom.
According to reports, one of the Binance executives did not enter a plea against the tax evasion charges filed by the Federal Inland Revenue Service (FIRS).
Ikuazom argued that since Binance and its executives were jointly charged, a plea couldn’t be entered until the exchange, listed as the first defendant, received formal notification—a requirement under Nigerian law.
As a result, Judge Emeka Nwite adjourned the proceedings to May 17 to provide a ruling.
This decision came after a new application was submitted by the counsel for the second defendant, Mark Mordi (SAN), as confirmed by a statement from the EFCC Head of Media and Publicity, Dele Oyewale, on Wednesday.
The defence’s application, a supplementary affidavit responding to the EFCC’s opposition to the initial bail application, couldn’t be heard as the EFCC’s counsel, Ekele Iheanacho, requested an adjournment to adequately address it.
The charges against Binance and its executives, Gambaryan and Nadeem Anjarwalla, include four counts of tax evasion, notably failing to register with Nigeria’s Federal Inland Revenue Service for tax remittance purposes.
Besides the ongoing tax evasion trial, Binance and the executives are also facing allegations of laundering more than $35 million, as stated by Nigeria’s anti-graft agency, the EFCC.
This separate trial is set to resume on May 2.
Despite Binance’s absence in court and lack of immediate comment, the cryptocurrency exchange declared on Thursday that it is cooperating closely with Nigerian authorities following the detention of Gambaryan.
Gambaryan pleaded not guilty on April 8 to the money laundering charges levelled against him by the EFCC.
Meanwhile, Anjarwalla fled from detention to Kenya. According to reports, the government is working with the Kenyan authorities to bring him to Nigeria for trial.
