The tax evasion trial against cryptocurrency exchange Binance is slated to conclude in October, according to an Abuja High Court. Commencement date for this trial has been fixed for 11th October.
The four charges of tax evasion against Binance include failing to register as a tax registration with the Federal Inland Revenue Service (FIRS).
Representative Ayodele Omotilewa entered a not guilty plea to the accusations on Friday, further solidifying the company’s denial of culpability. The trial takes place at a time when Nigeria is dealing with ongoing dollar shortages and depreciating currency.
Nigeria has attributed its currency woes on Binance, stating that trading Naira on cryptocurrency platforms has become the preferred choice due to the unprecedented dollar scarcity and the record low value of the Naira.
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Continuing, the government has accused Binance of making the nation’s currency problems worse by turning the site into a safe haven for trading Nigerian naira.
The digital news brand shows that on June 14, two officials of Binance were unexpectedly released from similar charges; they continue to be charged with money laundering, a charge they contest.
Although Binance has not yet responded to the most recent events, it has previously said that the charges ought to be withdrawn.
