A Nigerian court has scheduled the verdict for Binance’s tax evasion trial for October 11, as announced by presiding judge Emeka Nwite on Friday.
Charges and Legal Defense
Binance is facing four counts of tax evasion, including allegations of failure to register with Nigeria’s Federal Inland Revenue Service (FIRS). During the proceedings, Binance’s legal representative urged the judge to dismiss all charges, arguing insufficient grounds for the case.
Case Adjourned
The court has adjourned the case until October to allow both defense and prosecution further time for preparation and evidence review.
Nigerian Government’s Stance
Economic Implications
The Nigerian government has attributed economic challenges partly to Binance’s operations, particularly its impact on the Nigerian naira amidst currency volatility.
Binance’s Operational Changes
In response to regulatory pressures and legal battles, Binance has decided to exit the Nigerian market, ceasing all services involving the Nigerian naira (NGN).
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