Loaded Main Title: Tax Evasion Charges Against Binance and Executives in Nigeria

Tax evasion charges were brought against the cryptocurrency exchange Binance and two of its executives in Nigeria, but the trial has been postponed due to the non-delivery of relevant documents. Binance has not yet been formally charged by the Nigeria Federal Inland Revenue Service (FIRS). An attorney for the FIRS argues that both Binance and the executives should be charged together in the case, but Binance should be represented as the primary defendant. Failure to Serve Notice Led to Postponement of the Trial The decision to postpone the trial came after a lawyer for Binance pointed out that, under Nigerian law, it is not possible to defend without being served notice. This led Judge Emeka Nwite to call on Binance and the executives to appear in court on May 17 to make their defense. Focus of the Trial Binance and its executives faced four different tax evasion charges during their […]

Loaded Main Title: Tax Evasion Charges Against Binance and Executives in Nigeria

Tax evasion charges were brought against the cryptocurrency exchange Binance and two of its executives in Nigeria, but the trial has been postponed due to the non-delivery of relevant documents. Binance has not yet been formally charged by the Nigeria Federal Inland Revenue Service (FIRS). An attorney for the FIRS argues that both Binance and the executives should be charged together in the case, but Binance should be represented as the primary defendant.

Failure to Serve Notice Led to Postponement of the Trial

The decision to postpone the trial came after a lawyer for Binance pointed out that, under Nigerian law, it is not possible to defend without being served notice. This led Judge Emeka Nwite to call on Binance and the executives to appear in court on May 17 to make their defense.

Focus of the Trial

Binance and its executives faced four different tax evasion charges during their visit to Nigeria. These allegations arose as part of the federal government’s campaign against currency speculation through cryptocurrency channels in Nigeria. Additionally, Binance’s failure to register with the FIRS for tax purposes is a focal point of the trial.

Useful Information for the Reader

Investors and cryptocurrency users should be cautious in such incidents, as Binance and its executives face serious allegations of tax evasion and money laundering.
The postponement of the trial can lead to prolonged processes and uncertainties, which may affect Binance users.
Such legal processes emphasize the need for cryptocurrency exchanges to act in compliance with regulations.

Finally, there is curiosity about how Binance’s defense will take shape in response to these allegations and the potential impact of this trial on cryptocurrency markets. The lawsuit filed by Binance executive Tigran Gambaryan, claiming violation of basic human rights by the government, could be just the beginning of this complex legal process.

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