The Federal High Court, Abuja Division, on Tuesday adjourned the alleged tax evasion case filed by the Federal Government against Binance Holdings Ltd, until July 9 for a report of settlement.

Justice Emeka Nwite adjourned the matter after Binance lawyer, Chukwuka Ikwuazom, SAN, and the Federal Government’s counsel, Omotola Fatogun, informed the court that parties were still discussing on settling the case out of court.

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

Another lawyer, Sunday Adaji, representing Binance, informed the court discussions were ongoing.

A Deputy Director, Legal Department, Federal Inland Revenue Service (now Nigeria Revenue Service), Moses Ideho, confirmed the development on Federal Government’s behalf.

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 discharged 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 Gambaryan and Anjarwalla’s names from the charge after 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.

Besides, Binance is also facing another civil suit before Justice Mohammed Umar, where the NRS is demanding about 79.5 billion dollars over economic losses allegedly caused by the company’s operations in Nigeria.

(NAN)