In a recent turn of events, Nigeria has dropped tax evasion charges against two executives from Binance, the world’s largest cryptocurrency exchange. This decision follows Binance’s appointment of a local representative to handle all legal proceedings in the country regarding the allegations.
The individuals in question are Tigran Gambaryan, a U.S. citizen serving as head of financial crimes compliance at Binance, and Nadeem Anjarwalla, a British-Kenyan national who works as a regional manager for Africa. Both vehemently denied the tax evasion accusations.
Binance responded to the court’s decision by emphasizing that Gambaryan’s role within the company does not warrant his detention for resolving issues with the Nigerian government. A spokesperson for Binance expressed anticipation for the court’s ruling, aiming for Gambaryan’s complete discharge from the matter.
Gambaryan has been held in custody since February, whereas Anjarwalla left Nigeria in March. While the Nigerian Federal Inland Revenue Service has removed the two executives as defendants in the tax evasion case, they, along with Binance, still face separate charges related to money laundering. Binance argues that these charges should also be dropped, a sentiment echoed by Gambaryan and Anjarwalla, both of whom deny the money laundering allegations.
Nigeria’s grievances against Binance extend beyond tax evasion, with the country attributing its currency challenges partly to the rise of cryptocurrency trading platforms. As Nigeria grapples with chronic dollar shortages and a plummeting currency value, cryptocurrency websites, including Binance, have emerged as popular alternatives for trading the Nigerian naira.
