A Nigerian judge has scheduled a trial for October to address allegations of tax evasion against Binance, a prominent cryptocurrency exchange.
The Nigeria Court has scheduled the commencement of a trial against Binance, a prominent cryptocurrency exchange, on October 11th. The presiding judge made this announcement on Friday, citing allegations of tax evasion against the company.
Binance is facing four counts of tax evasion, including
failing to register with Nigeria’s Federal Inland Revenue Service for tax
purposes. Similar charges against two of its executives were dropped on June
14, although they still face separate money laundering charges. Both executives
deny these allegations.
Ayodele Omotilewa, a representative of Binance, appeared in
court on Friday and entered a plea of not guilty to the four charges against
him during a hearing presided over by Judge Emeka Nwite.
Binance refrained from providing an immediate response but
has previously expressed its position that the charges should be dismissed.
Nigeria has attributed its currency challenges to Binance,
as cryptocurrency platforms have emerged as preferred channels for trading the
Nigerian naira amid persistent dollar shortages and a record low for the
currency.