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Nigerian Agency Drops Tax Evasion Charges Against Binance Executives
A Nigerian agency has decided to drop the tax evasion charges it previously brought against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. This move leaves the popular crypto exchange as the only defendant in the ongoing case.
The Federal Inland Revenue Service (FIRS) in Nigeria had initially charged Binance along with the two executives for tax evasion back in mid-March. Subsequently, the Economic Financial Crimes Commission (EFCC) also accused the pair of money laundering a week later. In a surprising turn of events, the FIRS has now revised the charges, focusing solely on Binance as the defendant in the tax evasion case.
Despite the revised charges, both Gambaryan and Anjarwalla are still facing the money laundering accusations brought forward by the EFCC. Gambaryan, an American national who joined Binance in 2021 and currently serves as the head of financial crime compliance, has been detained in Nigeria. Anjarwalla, on the other hand, has been evading authorities since escaping custody in the capital city of Abuja.
Legal Battles and Controversies
Gambaryan’s detention has raised concerns, with Binance CEO Richard Teng calling it a tactic to control the company. Teng has been vocal in defending Gambaryan, stating that he is an “innocent, mid-level employee” and should be released. The situation has escalated to the point where Gambaryan sued the Nigerian government for violating his human rights.
Furthermore, Teng accused Nigerian authorities of soliciting a $150 million bribe from Binance before the charges were brought against the company and its executives. In response, Nigeria’s Information Ministry dismissed the bribery claims, alleging that Binance was trying to undermine the country’s legal processes.
These legal troubles add to Binance’s recent challenges, including Changpeng Zhao’s sentencing to U.S. prison for money laundering violations. As part of the settlement, Binance agreed to exit the U.S. market, with Zhao personally paying $50 million and staying away from the company’s operations for at least three years.
Despite the setbacks, Binance remains a key player in the crypto space, navigating through regulatory hurdles and legal battles as it continues to expand its global presence.
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