Alleged Tax Evasion: Binance Seeks Out-of-Court Settlement with FG

Binance Holdings Limited has moved to explore an amicable solution to the ongoing tax evasion case filed against it by the federal government.

The company’s lawyer, Sunday Agaji, made this known on Tuesday before Justice Emeka Nwite of the Federal High Court, Abuja.

Federal Government Counsel, Moses Ideho, Deputy Director of the Legal Department of the Federal Inland Revenue Service (now Nigeria Revenue Service), also confirmed the development.

During the proceedings, Ideho informed the court that although the trial was scheduled to continue, Binance’s lawyer had informed him early in the morning that the company had approached the Service to discuss an out-of-court settlement.

Agaji confirmed Ideho’s statement, stressing: “My lord, the parties are indeed exploring an agreement. That is essentially where we are.”

Following the submissions, Justice Nwite adjourned the case to May 12 for a progress report on the settlement.

Previously, on July 12, 2024, Binance was again sued on four counts related to tax evasion.

The company’s Nigerian representative, Ayodele Omotilewa, entered a not guilty plea on behalf of Binance.

The new subpoena followed the release of two executives, Tigran Gambaryan and Nadeem Anjarwalla, from charges after they were removed from the amended indictment filed by Ideho on June 14, 2024, which named Binance as the sole defendant.

In addition to the tax evasion case, Binance is also being prosecuted by the Economic and Financial Crimes Commission (EFCC) for alleged money laundering of $35.4 million.

Separately, the federal Inland Revenue Service filed a civil lawsuit seeking approximately $79.5 billion in economic losses allegedly caused by the company’s operations in Nigeria.