Amid multiple legal challenges in Nigeria, Binance Holdings Limited has approached authorities to negotiate a potential settlement in the ongoing tax evasion case against the cryptocurrency firm.
The company’s counsel, Sunday Agaji, announced the development before Federal High Court Judge, Emeka Nwite, in Abuja, with prosecution lawyer Moses Ideho, Deputy Director of the Legal Department at the Nigeria Revenue Service (NRS, formerly FIRS), confirming the move.
Ideho told the court that although the trial was scheduled to continue, Binance had contacted the tax authority to explore an out-of-court resolution.
The judge subsequently adjourned the matter to 12 May for a report on the settlement process.
Binance was re-arraigned on 12 July 2024 on four counts of tax evasion, with its Nigerian representative, Ayodele Omotilewa, pleading not guilty on the company’s behalf. The re-arraignment followed the discharge of two co-defendants, Tigran Gambaryan, a U.S. citizen, and Nadeem Anjarwalla, after Gambaryan was released and Anjarwalla had earlier escaped custody.
This development came after high-level diplomatic engagements between Nigeria and the United States.
The amended charge, filed on 14 June 2024, lists Binance as the sole defendant. In addition to the tax case, the Economic and Financial Crimes Commission (EFCC) is prosecuting Binance for alleged money laundering involving $35.4 million before the same judge.
Separately, Binance faces a civil suit before Federal High Court Judge Mohammed Umar, in which the former FIRS is seeking approximately $79.5 billion in damages over economic losses allegedly linked to the company’s operations in Nigeria.
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