Hope for Binance executives as Nigeria drops tax evasion charges

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

Nigeria has withdrawn tax evasion charges against two Binance executives after the world’s largest cryptocurrency exchange designated a local representative to handle all court proceedings related to the allegations.

On Friday, June 14, Nigeria’s Federal Inland Revenue Service (FIRS) submitted revised charges, removing the tax evasion allegations against Tigran Gambaryan, Binance’s head of financial crime compliance, and Nadeem Anjarwalla, the company’s regional manager for Africa.

FG drops tax evasion charges against Binance executives, continues with money laundering case
Source: UGC

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According to Reuters, Binance is now the sole defendant in the tax evasion case, as confirmed by a representative for Gambaryan’s family.

Binance stated that the court's decision indicated that Gambaryan was not a decision-maker at the company, and his presence is not required for Binance to address its issues with the Nigerian government.

Binance expressed relief that the tax charges against Gambaryan and Anjarwalla have been dismissed, noting their roles as key decision-makers within the company.

It stated:

“We are relieved that the Federal Inland Revenue Service (FIRS) has served and filed amended charges today, resulting in tax charges against Tigran Gambaryan being dropped.“This further illustrates that Tigran is not a decision-maker at Binance and does not need to be held in order for Binance to resolve issues with the Nigerian government. We await the court’s ruling on this, discharging Tigran from this matter completely.”

Binance and the two executives continue to face charges of money laundering and offering financial services without a license from Nigeria’s Economic and Financial Crimes Commission.

Gambaryan, an American and a former special agent with the Internal Revenue Service for ten years, has been held in Nigeria since late February and is currently detained at Kuje prison.

Anjarwalla, who was detained alongside Gambaryan, managed to escape and fled to Kenya in March.

Nigeria has held Binance responsible for its currency issues, as cryptocurrency websites have become the preferred platforms for trading the Nigerian naira.

This shift occurred as the country faced persistent dollar shortages, leading to the naira reaching an all-time low.

Source: Legit.ng