The trial for Binance's tax evasion was set for October 11 by Nigerian judge Emeka Nwite, media reported on Friday.
Binance representative Ayodele Omotilewa appeared in court on Friday, pleading not guilty to four charges during a hearing before the judge, according to media.
Binance is facing four counts of tax evasion, including failing to register with Nigeria's Federal Inland Revenue Service for tax purposes.
Although Nigeria's Federal Inland Revenue Service has dropped the tax evasion charges against Gambaryan and Anjarwalla, they and Binance still face separate money laundering charges.
Gambaryan, a US citizen, was arrested in Nigeria on February 28 for allegedly laundering $34.4 million through Binance. His colleague, Anjarwalla, has been on the run since March and is also being prosecuted. Both have pleaded not guilty to the charges.
On Wednesday, American lawmakers introduced a resolution urging the US government to declare Gambaryan a "US citizen wrongfully detained by a foreign government." They called on the Nigerian government to provide full and consistent consular access to Binance's executive, in line with its international obligations, while he remains in detention.
Earlier, local media reported that Abdulkadir Abbas, a director at the Security and Exchange Commission, told the court that Binance's naira peer-to-peer virtual feature had "adversely affected the official exchange rate."
However, the government is taking significant measures to address the negative impacts of cryptocurrency trading on the naira’s value in the forex market. By introducing stricter regulations, authorities aim to reduce risks linked to illicit financial transactions and improve transparency within the crypto sector. The government's commitment to tackling activities that undermine the naira is evident from their meeting with the Blockchain Industry Coordinating Committee of Nigeria and the crackdown on platforms like Binance and OctaFX, according to reports.
Actions such as suspending certain fintech firms illustrate a comprehensive strategy to regulate the financial ecosystem. Additionally, the Central Bank of Nigeria Governor, Olayemi Cardoso, highlighted the urgency for stringent oversight, noting the substantial funds moved through cryptocurrency without proper tracking. This step is needed to ensure the country’s financial stability by addressing issues posed by untraceable transactions.