GLOBAL cryptocurrency giant Binance Holdings Limited has opened talks with Nigerian authorities to resolve the tax evasion charges filed against it, a move that has effectively stalled ongoing trial proceedings at the Federal High Court in Abuja.
News Point Nigeria reports that the development was disclosed on Tuesday during court proceedings before Justice Emeka Nwite, where both the defence and prosecution confirmed that negotiations aimed at an out-of-court settlement were underway.
Counsel to Binance, Sunday Agaji, informed the court that the company had initiated discussions with the tax authorities in a bid to resolve the matter amicably.
“My lord, parties are exploring settlement. That is essentially where we are,” Agaji told the court.
The position was corroborated by government counsel, Moses Ideho, a deputy director in the legal department of the Federal Inland Revenue Service (now Nigeria Revenue Service), who confirmed that the defence had earlier approached the agency regarding a possible resolution.
Although the matter had been scheduled for continuation of trial, the court opted to adjourn proceedings to allow both parties time to pursue settlement discussions.
Justice Nwite subsequently fixed May 12 for a report on the progress of the negotiations, effectively pausing the trial.
The case had reached an advanced stage, with the fourth prosecution witness already testifying at the previous hearing.
The charges against Binance stem from a four-count suit bordering on alleged tax evasion linked to its operations in Nigeria.
The company was re-arraigned on July 12, 2024, with its Nigerian representative, Ayodele Omotilewa, entering a not guilty plea on its behalf.
The re-arraignment followed a significant development in the case, as two executives of the firm, Tigran Gambaryan and Nadeem Anjarwalla were discharged after the prosecution amended the charge to list Binance as the sole defendant.
In a ruling delivered on June 14, 2024, Justice Nwite struck out their names from the suit following the amendment.
Beyond the tax evasion case, Binance is also facing separate legal challenges in Nigeria.
The Economic and Financial Crimes Commission (EFCC) is prosecuting the company in another case before the same court over alleged money laundering involving $35.4 million.
In addition, a civil suit is pending before another judge of the Federal High Court, Mohammed Umar, where authorities are seeking approximately $79.5 billion in alleged losses linked to Binance’s operations in the country.