A Federal High Court in Abuja has adjourned the tax evasion case involving Binance Holdings Limited and its executives, citing ongoing legal proceedings. The case, marked as FHC/ABJ/CR/115/2024, has garnered significant attention as the Federal Inland Revenue Service (FIRS) accuses Binance of tax evasion.
The FIRS, in its lawsuit, alleges that Binance failed to register with them for tax purposes, thereby avoiding payment of relevant taxes. Furthermore, the company is accused of not issuing invoices to subscribers on its trading platform, hindering the determination and payment of Value Added Taxes (VAT).
The suit also implicates company officials, including Tigran Gambaryan and Nadeem Anjarwalla, who is reportedly fleeing. However, the proceedings hit a snag as Gambaryan was not served the charges due to being in the custody of the Economic and Financial Crimes Commission (EFCC).
The adjournment comes amidst another legal battle for Binance, as the EFCC pursues a money laundering case against them. The convergence of these legal challenges underscores the complexity and scrutiny facing the cryptocurrency giant and its executives.
Stay tuned for further updates as these cases unfold, impacting the landscape of tax compliance and financial regulations in Nigeria.
