Binance Holdings Limited on Tuesday sought an out-of-court settlement of the tax evasion charge filed against it by the federal government.
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This was disclosed by the company’s counsel, Sunday Agaji, before Justice Emeka Nwite of the Federal High Court sitting in Abuja.
The Federal Government’s lawyer, Moses Ideho, a Deputy Director in the Legal Department of the Federal Inland Revenue Service (now Nigeria Revenue Service), also confirmed the move.
When the matter was called, Ideho told the court that although the matter was scheduled for continuation of trial, he was informed earlier in the morning by the defence lawyer that Binance had approached the service to explore an out-of-court settlement of the case, a statement Agaji corroborated.
“My lord, parties are actually exploring settlement. That is essentially where we are,” he told Justice Nwite, who adjourned the matter until May 12 for a report of settlement.
Binance Holdings Limited was, on July 12, 2024, re-arraigned on a four-count charge bordering on allegations of tax evasion.
The Nigerian representative of Binance, Ayodele Omotilewa, who was docked, took a plea on behalf of the company before Justice Nwite. He pleaded not guilty to the four-count charge.
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 Gambaryan’s and Anjarwalla’s names from the charge after Ideho filed an amended charge in which Binance was listed as the sole defendant.
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 had accused Binance of money laundering to the tune of $35.4 million.
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