Binance hearing in Nigeria postponed to May 17

  • A court in Nigeria has rescheduled a hearing regarding the case involving Binance and its top managers.
  • Local media reports suggest that the reason for the delay is that formal charges have not yet been brought against the cryptocurrency exchange by Nigerian authorities.
  • The next hearing for this case has been set for May 17, 2024.

According to recent reports, the hearing concerning the Binance cryptocurrency exchange and its top managers, Nadim Anjarwalla and Tigran Gambaryan, has been postponed by the Nigerian court until May 17, 2024. The delay is allegedly due to the fact that the Federal Inland Revenue Service (FIRS) has not officially charged Binance with tax evasion. Previously, a Nigerian court held Gambaryan accountable for the purportedly unlawful activities of the cryptocurrency exchange. However, the defense argued that the case could not proceed further as the FIRS had not formally indicted Binance, the main defendant. Judge Emeka Nwite heard the arguments from both sides and decided to adjourn the trial until May 17. It should be noted that Nadeem Anjarwalla and Tigran Ghambaryan, both high-ranking executives, have been detained in Nigeria since late February 2024. Anjarwalla reportedly managed to escape to Kenya, according to local media. Nigerian authorities suspect that the operations of the cryptocurrency exchange have contributed to the devaluation of the local currency, the naira. As part of the investigation, Binance was requested to provide all information on transactions conducted over the past six months. However, the source reveals that formal charges were never filed against the company.