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Nigeria Drops Tax Evasion Charges Against Binance Executives

by BSC News

June 14, 2024

chain

The case continues to attract attention, reflecting the ongoing scrutiny and legal challenges faced by cryptocurrency platforms like Binance in different jurisdictions.

The Federal High Court in Nigeria has discharged Tigran Gambaryan, a 39-year-old American, and Nadeem Anjarwalla from the Federal Inland Revenue Service (FIRS) tax evasion case against Binance. The decision comes after FIRS filed amended charges following Binance's appointment of Ayodele Omotilewa as a Nigerian representative.

Judge Emeka Nwite addressed the issue of whether the representative of Binance should be in the dock, asking parties to file written addresses for a ruling. He struck out the charges filed on March 22, 2024, and May 17, 2024, and removed Gambaryan and Anjarwalla from the case. The next hearing is set for July 12, focusing on the plea.

 

“We are relieved that the Federal Inland Revenue Service (FIRS) have served and filed amended charges today, resulting in tax charges against Tigran Gambaryan being dropped, further illustrating 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,” a Binance spokesperson said in a statement told TechCabal.

The FIRS agreed to revise the charges so that only Binance, through its local representative, is named. Gambaryan, who is currently ill, will no longer need to appear in court for the FIRS case, making Binance the sole defendant. 

 

Gambaryan and Anjarwalla remain implicated in a money-laundering case despite the dropped tax evasion charges.

Background of the Case

Gambaryan and Anjarwalla were charged with tax evasion in March 2024 after FIRS accused them of failing to pay taxes on cryptocurrency transactions worth billions of naira. Binance faced accusations of non-payment of value-added tax, company tax, and failure to file tax returns. 

 

Gambaryan was detained in Kuje prison, known for housing Boko Haram members, after his arrest in February. Anjarwalla, a British-Kenyan regional manager for Africa, escaped but remains named in the money laundering charges.

 

Gambaryan's wife, Yuki Gambaryan, described the harsh conditions in Kuje prison, emphasizing her husband's severe illness and the devastating environment. 

 

Additionally, more than 100 former U.S. federal prosecutors and agents have urged the US Department of State to secure Tigran Gambaryan's release from Nigerian custody in a June 6 letter. 

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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