Nigeria Drops Tax Evasion Charges Against Binance Executives
Nigeria’s Federal Inland Revenue Service (FIRS) has decided to drop the tax evasion charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. The focus will now solely be on the exchange itself. This decision comes after the FIRS filed four counts of tax-related offenses against Binance and its executives back in March. The charges included evading value-added tax (VAT) and company income tax, failing to file tax returns, and aiding customers in tax evasion. Binance was also accused of operating without registering with the FIRS, which violated the country’s tax regulations.
Despite the dropping of tax evasion charges, Gambaryan is still facing money laundering charges from Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC). His case was postponed to June 20 due to concerns over his wellbeing at the Kuje prison where he is currently held. Binance has not yet responded to requests for comment regarding this matter.
This development adds to the ongoing challenges that Binance has been facing in Nigeria. Various groups, including US lawmakers and former federal prosecutors, have called on President Joe Biden to intervene in the detention of Gambaryan. They believe that the charges against him are baseless and that he is being wrongfully detained. However, the Nigerian government maintains that both Gambaryan and Binance will have the opportunity to defend themselves in court.
Gambaryan, a US citizen who leads Binance’s financial crime compliance department, and Nadeem Anjarwalla, Binance’s regional manager for Africa, were arrested when they arrived in Abuja on Feb. 26. Anjarwalla managed to escape custody on March 22.
As the situation unfolds, it is clear that the legal battle between Binance and the Nigerian authorities is far from over. The dropping of tax evasion charges against the executives is a significant development, but the money laundering charges against Gambaryan remain unresolved. The coming weeks will likely bring more clarity to this complex and contentious issue.