Global cryptocurrency firm Binance Holdings Limited has initiated discussions with the Federal Government of Nigeria to settle an ongoing tax evasion case out of court.
The development was disclosed at the Federal High Court sitting in Abuja, where both the defence and prosecution confirmed that negotiations are currently underway. The case is being presided over by Justice Emeka Nwite.
Counsel to Binance, Sunday Agaji, informed the court that the company had approached relevant tax authorities in a bid to resolve the matter amicably.
This position was supported by government counsel, Moses Idehowho, who confirmed that the defence had earlier reached out to the agency regarding a possible settlement.
Although the matter was scheduled for continuation of trial, the court adjourned proceedings to allow both parties to pursue settlement talks. Justice Nwite subsequently fixed May 12 for a progress report on the negotiations, effectively pausing the trial.
The case had reached an advanced stage before the adjournment, with the fourth prosecution witness already testifying at the last hearing.
Binance is facing a four-count charge 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.
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