Nigeria drops tax evasion charges against Binance executives

Events in the saga between Nigeria and Binance continue to unfold. This time, the country dropped the tax charges against the stock exchange executives.

According to a tweet by Nigerian journalist Alexander Onukwue, Nigeria’s Federal Inland Revenue Service (FIRS) has dropped tax evasion charges against Tigran Gambaryan, head of financial crime compliance at Binance, and Nadeem Anjarwalla, head of the exchange for to operations in Africa.

Binance Execs free of tax charges

In late March, the FIRS charged Binance with four counts of tax evasion, naming Gambaryan and Anjarwalla as the second and third defendants. The charges were laid on the same day Anjarwalla escaped from the custody of the Economic and Financial Crimes Commission (EFCC).

Before Anjarwalla’s escape, he had been detained alongside Gambaryan in a heavily guarded guest house since February. The duo had come to Nigeria for government talks and were prevented from leaving, with their passports and travel documents confiscated. Since Anjarwalla escaped during the Ramadan fast, authorities transferred Gambaryan to Kuje Prison in Abuja and have held him there ever since.

Tax evasion charges against Binance and its executives include failure to register with the FIRS to pay all relevant taxes arising from the provision of services, failure to deduct value added tax (VAT) from cryptocurrency transactions in the your platform, refrain from using VAT invoices to ensure. users making appropriate tax payments, and aiding and abetting users to neglect their taxes.

Since Gambaryan and Anjarwalla have been let off the hook in the tax evasion case, the former, who is still in custody in Nigeria, will no longer have to appear in court for the hearing as Binance is now the sole defendant. However, the executives remain accused in a money laundering case filed by the EFCC.

The Nigerian Binance saga deepens

We recall that the saga between Binance and Nigeria began when the naira experienced a massive devaluation against the dollar. The latter blamed the former for contributing to the currency crisis by allowing traders to use its platform for market manipulation and currency speculation.

Binance CEO Richard Teng revealed that Nigerian government officials had demanded a $150 million bribe to settle criminal charges; however, the country called the claims a diversionary tactic and an attempt at blackmail.

Meanwhile, US lawmakers have called on the president to secure the release of the detained Binance executive due to his deteriorating health.

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