Cryptocurrency firm Binance has moved for an out-of-court settlement with the Federal Government in its ongoing tax evasion trial before the Federal High Court in Abuja.
Binance has sought an out-of-court settlement with the Federal Government over the tax evasion charge filed against it before the Federal High Court in Abuja.
The company’s counsel, Sunday Agaji, disclosed the development on Tuesday before Justice Emeka Nwite.
Counsel to the Federal Government, Moses Ideho, a Deputy Director in the Legal Department of the Nigeria Revenue Service, also confirmed the move.
When the matter was called, Ideho informed the court that although the case was slated for continuation of trial, the defence had earlier indicated that Binance approached the service to explore amicable resolution.
Responding, Agaji corroborated the statement, telling the court that both parties were exploring settlement.
“My lord, parties are actually exploring settlement. That is essentially where we are,” he said.
After listening to both lawyers, Justice Nwite adjourned the matter until May 12 for a report on settlement.
Binance Holdings Limited was re-arraigned on July 12, 2024, on a four-count charge bordering on alleged tax evasion.
The company’s Nigerian representative, Ayodele Omotilewa, took the plea on behalf of the firm and pleaded not guilty to the charges.
The re-arraignment followed the discharge of the cryptocurrency firm’s executive, Tigran Gambaryan, and his colleague, Nadeem Anjarwalla, after the prosecution amended the charge to list Binance as the sole defendant.
Justice Nwite had, in a ruling delivered on June 14, 2024, struck out the names of the two executives following the amended charge.
The Economic and Financial Crimes Commission is also prosecuting the cryptocurrency company in a separate case involving alleged money laundering to the tune of 35.4 million dollars.
In addition, Binance is facing another civil suit before Justice Mohammed Umar, where the Nigeria Revenue Service is demanding about 79.5 billion dollars over alleged economic losses linked to the company’s operations in Nigeria.
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