Binance Executives’ Tax Charges in Nigeria Are Now Dropped
Key Points:
- Nigeria’s Federal Inland Revenue Service has dropped Binance executives’ tax charges, naming Binance’s local representative instead.
- Despite the dropped tax charges, both executives still face money laundering charges by Nigeria’s Economic and Financial Crimes Commission.
- Binance and the executives deny all charges, with the company emphasizing Gambaryan’s non-decision-making role.
According to Reuters, the Federal Inland Revenue Service (FIRS) of Nigeria has dropped Binance executives’ tax charges against Tigran Gambaryan and Nadeem Anjarwalla. Instead, the charges now target Binance’s local representative, naming the company as the defendant.
Nigeria Drops Binance Executives’ Tax Charges
Despite the Binance executives’ tax charges being dropped, both executives remain implicated in a separate money laundering case brought by Nigeria’s Economic and Financial Crimes Commission (EFCC). Gambaryan, Binance’s head of financial crimes and compliance, remains in custody despite health concerns, while Anjarwalla, the regional director for Africa, has left the country.
Binance and the executives have consistently denied the tax evasion charges. The company highlighted that Gambaryan was “not a decision-maker” at Binance, suggesting that his continued detention was unnecessary for resolving the issues with the Nigerian government. A Binance spokesperson expressed hope that the court would soon discharge Gambaryan from all charges.
Health Concerns Arise as Binance’s Gambaryan Remains in Custody
Gambaryan has been in custody since February, with his health reportedly deteriorating. After collapsing in court on May 23, he was suspected of having malaria. A court order was issued for his transfer to a hospital, yet he remains in custody. In light of his health issues, a group of former U.S. federal prosecutors and agents has urged the U.S. Department of State to assist in securing his release, criticizing the current efforts as insufficient.
Nigeria has faced significant economic challenges, with cryptocurrency platforms often blamed for exacerbating currency woes. Binance has been under scrutiny as the naira, Nigeria’s currency, hit record lows amidst chronic dollar shortages. Gambaryan and Anjarwalla were initially detained while negotiating regulatory issues on behalf of Binance. They were held without their passports following these discussions.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Binance Executives’ Tax Charges in Nigeria Are Now Dropped
Key Points:
- Nigeria’s Federal Inland Revenue Service has dropped Binance executives’ tax charges, naming Binance’s local representative instead.
- Despite the dropped tax charges, both executives still face money laundering charges by Nigeria’s Economic and Financial Crimes Commission.
- Binance and the executives deny all charges, with the company emphasizing Gambaryan’s non-decision-making role.
According to Reuters, the Federal Inland Revenue Service (FIRS) of Nigeria has dropped Binance executives’ tax charges against Tigran Gambaryan and Nadeem Anjarwalla. Instead, the charges now target Binance’s local representative, naming the company as the defendant.
Nigeria Drops Binance Executives’ Tax Charges
Despite the Binance executives’ tax charges being dropped, both executives remain implicated in a separate money laundering case brought by Nigeria’s Economic and Financial Crimes Commission (EFCC). Gambaryan, Binance’s head of financial crimes and compliance, remains in custody despite health concerns, while Anjarwalla, the regional director for Africa, has left the country.
Binance and the executives have consistently denied the tax evasion charges. The company highlighted that Gambaryan was “not a decision-maker” at Binance, suggesting that his continued detention was unnecessary for resolving the issues with the Nigerian government. A Binance spokesperson expressed hope that the court would soon discharge Gambaryan from all charges.
Health Concerns Arise as Binance’s Gambaryan Remains in Custody
Gambaryan has been in custody since February, with his health reportedly deteriorating. After collapsing in court on May 23, he was suspected of having malaria. A court order was issued for his transfer to a hospital, yet he remains in custody. In light of his health issues, a group of former U.S. federal prosecutors and agents has urged the U.S. Department of State to assist in securing his release, criticizing the current efforts as insufficient.
Nigeria has faced significant economic challenges, with cryptocurrency platforms often blamed for exacerbating currency woes. Binance has been under scrutiny as the naira, Nigeria’s currency, hit record lows amidst chronic dollar shortages. Gambaryan and Anjarwalla were initially detained while negotiating regulatory issues on behalf of Binance. They were held without their passports following these discussions.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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