In Nigeria, the popular cryptocurrency platform Binance, along with two of its leaders, is entangled in a legal dispute over alleged tax evasion. The trial, originally set for hearing, has been postponed until May 17, as the formal charges have not been served yet. The Federal Inland Revenue Service (FIRS) has not officially communicated the tax evasion accusations to Binance. Consequently, the court postponed the proceedings to allow for proper notification to the defendants.

The case revolves around Binance's failure to register with the Nigeria Federal Inland Revenue Service for tax purposes. Two executives, Tigran Gambaryan and Nadeem Anjarwalla, are implicated in the alleged evasion. Gambaryan, a U.S. citizen and Binance's compliance head for financial crimes, attended the court session in Abuja, while Anjarwalla, the exchange's Africa regional manager, is reported to have left the country in March 2024 to evade detention.

Aside from tax evasion, Binance and its executives face accusations of laundering more than $35 million, as reported by Nigeria's anti-corruption agency, the Economic and Financial Crimes Commission (EFCC). The legal proceedings are scheduled to resume on May 2, addressing both tax evasion and money laundering charges.

Despite being unrepresented in court, Binance has expressed its cooperation with Nigerian authorities following Gambaryan's arrest. However, the bail hearing for Gambaryan, detained at the Kuje correctional center, has been repeatedly postponed by a federal high court in Abuja. Moreover, Gambaryan is taking legal action against the government, alleging violations of his basic human rights due to his detention and passport confiscation, claiming breaches of the country's constitutional rights to personal liberty.

In conclusion, the allegations of tax evasion and money laundering against Binance and its executives underscore the complexities of cryptocurrency regulation in Nigeria. The legal proceedings highlight the challenges faced by both the authorities and the cryptocurrency industry in navigating regulatory frameworks and ensuring compliance with tax laws.