A Nigerian court has postponed the arraignment of Binance Holdings Limited, a major cryptocurrency exchange, until April 8, 2024. The delay stems from a disagreement over how to serve the company with charges related to tax evasion, currency speculation, and money laundering.

The Economic and Financial Crimes Commission (EFCC) is prosecuting Binance alongside two individuals, Tigran Gambaryan and Nadeem Anjarwalla. The charges allege financial misconduct involving $34.4 million.

Defense Challenges Service of Charges

During the court session, Binance's legal representation objected to the arraignment. Their argument centered on the EFCC not properly serving the charges on Binance Holdings Limited directly. They claim that Tigran Gambaryan, the second defendant, is not an authorized representative in Nigeria and cannot be served on the company's behalf.

EFCC Counters with Service Procedures

The EFCC countered, citing a section of the Administration of Criminal Justice Act (ACJA) that allows serving charges on a corporation's "chief agent within the jurisdiction." They argue that Gambaryan, as the only physical representative present in Nigeria, qualifies for such service.

Court to Rule on Service Validity

The judge, Justice Emeka Nwite, has adjourned the proceedings until April 8th to issue a ruling on the validity of the service on Binance.

This case highlights the evolving legal stance surrounding cryptocurrencies in Nigeria and the potential challenges faced by international companies operating in the country.