The Federal High Court, Abuja Division, on Thursday further adjourned the alleged tax evasion case filed by the Federal Government against Binance Holdings Ltd until Sept. 24 for a report of settlement.

Justice Emeka Nwite adjourned the matter after the federal government’s Counsel, Moses Ideho, told the court that parties are still exploring reconciliation.

Justice Nwite had on May 12 fixed Thursday for the report of settlement.

The judge had fixed the date after Binance lawyer and federal government’s counsel informed the court that parties were discussing on settling the case out of court.

The cryptocurrency company on March 24 sought an amicable resolution of the matter.

Earlier when the case was called, Mr Ideho, a Deputy Director, Legal and Prosecution from the Federal Inland Revenue Service (now Nigeria Revenue Service), said the matter was fixed for a report of settlement or continuation of trial.

The lawyer, however, said that the case cannot not go on for two reasons.

“One is the elevation news of my lord to the Appeal Court. We have been praying for it and we are grateful that it has come to pass,” he said.

Mr Ideho said the second reason was that “parties were still exploring settlement in the charge that led to this case.”

The lawyer to Binance, Sunday Agaji, did not oppose the application and Justice Nwite adjourned the matter until September 24 for report of settlement or continuation of trial.

Binance Holdings Limited was on July 12, 2024, re-arraigned on four-count charge bordering on tax evasion allegations.

The Nigerian representative of Binance, Ayodele Omotilewa, who was arraigned, took a plea on behalf of the company before Justice Nwite.

He pleaded not guilty to the four counts.

The re-arraignment before the judge followed the discharge of the cryptocurrency firm’s executive, Tigran Gambaryan, and his fleeing colleague, Nadeem Anjarwalla, from the alleged offence.

Justice Nwite, in a ruling on June 14, 2024, discharged and struck out Messrs Gambaryan and Anjarwalla’s names from the charge after Mr Ideho filed an amended charge wherein Binance is listed as sole defendant.

The amended charge was dated June 13, 2024, but filed June 14, 2024.

The Economic and Financial Crimes Commission (EFCC) is also prosecuting the cryptocurrency company on allegations bordering on money laundering offences before the same judge.

The anti-graft agency accused Binance of money laundering to the tune of 35.4 million dollars .

Binance is also facing another civil suit before Justice Mohammed Umar, of the federal high court, where the NRS is praying for $79.5 billion over the economic losses allegedly caused by the company’s operations in Nigeria.

(NAN)