Nigerian judge sets Binance tax evasion trial for October

FILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

ABUJA (Reuters) - A Nigerian court will begin a trial against cryptocurrency exchange Binance over tax evasion charges on Oct. 11, the judge hearing the case said on Friday.

Binance faces four counts of tax evasion, including failure to register with Nigeria's Federal Inland Revenue Service for tax purposes. Similar charges against two of its executives were dropped on June 14, though they still face separate money laundering charges. They both deny those allegations.

Binance representative Ayodele Omotilewa was in the dock on Friday and pleaded not guilty to the four charges at a hearing before Judge Emeka Nwite.

Binance had no immediate comment but has said in the past that the charges should be dropped.

Nigeria has blamed Binance for its currency woes after cryptocurrency websites became the platforms of choice for trading the Nigerian naira as the country struggled with chronic dollar shortages and its currency fell to a record low.

(Writing by Elisha Bala-Gbogbo; Editing by Emelia Sithole-Matarise)