The Federal High Court in Abuja has adjourned the tax-evasion case against Binance Holdings Limited to 9 July, providing the parties with additional time to negotiate a potential settlement. Justice Emeka Nwite granted this continuance after senior counsel for Binance, Senior Advocate Chukwuka Ikwuazom, and government lawyer Omotola Fatogun informed the court that discussions were still ongoing.
Binance first expressed a willingness to resolve the dispute amicably on 24 March. During the recent hearing, counsel Sunday Adaji reiterated that negotiations were progressing. Moses Ideho, representing the Federal Inland Revenue Service (now the Nigeria Revenue Service), confirmed the status of the talks.
The case was re-arraigned on 12 July 2024, with Binance facing four counts of alleged tax evasion. At this hearing, the company’s Nigerian representative, Ayodele Omotilewa, entered a not-guilty plea. The re-arraignment occurred after the court removed two former executives, Tigran Gambaryan and Nadeem Anjarwalla, from an amended charge filed by the prosecution on 14 June 2024, which designated Binance as the sole defendant.
In addition to the tax case, Binance is also contending with a separate money-laundering prosecution brought by the Economic and Financial Crimes Commission (EFCC) in the same court. This prosecution involves an alleged $35.4 million laundering scheme. Furthermore, Binance is facing a civil suit before Justice Mohammed Umar, where the Federal Inland Revenue Service is seeking approximately $79.5 billion in damages, claiming substantial economic losses related to Binance’s operations in Nigeria.
The adjournment highlights the judiciary’s willingness to consider an out-of-court resolution while maintaining the court’s jurisdiction to hear the case if negotiations do not succeed. The upcoming hearing on 9 July will determine whether the settlement talks have resulted in an agreement or if the case will proceed to trial.
These developments underscore the increasing regulatory scrutiny of cryptocurrency platforms in Nigeria and across Africa. They reflect broader efforts by tax authorities and anti-money-laundering agencies to enforce compliance within the rapidly expanding digital-asset sector. The outcome of Binance’s negotiations could set a significant precedent for how similar disputes are managed in the region.
