Nigerian Court Adjourns Binance Tax Evasion Trial To May 17

A Nigerian court has rescheduled the hearing of a tax evasion lawsuit against Binance and some of its executives to May 17. This adjournment represents the latest development in the ongoing regulatory saga between various agencies of the Nigerian government and the Malta-based cryptocurrency exchange.

Binance Troubles In Nigeria Continue

The Binance exchange is currently stuck in a hostile regulatory situation with the Nigerian government. Aside from tax evasion charges, the Nigerian Economic and Financial Crimes Commission (EFCC) has also accused the prominent crypto exchange of laundering over $35 million. 

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The Nigerian government has increased regulatory scrutiny of Binance after accusing the exchange of playing a major role in the massive devaluation of the Nigerian naira via speculation and rate fixing. These allegations were followed by the arrest of Gimbaryan and Ahjarwhalla, who had visited the West African nation on February 26 after reports of the government banning certain access to Binance and other crypto exchanges.

Binance has disabled all naira services on its platform and appears committed to resolving all legal issues around the detention of its employees after the exchange’s CEO, Richard Teng, recently confirmed a willingness to cooperate with the Nigerian government. 

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Author: Semilore Faleti

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