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Nigeria Drops Tax Evasion Charges Against Binance Executives

Summary:
Events in the saga between Nigeria and Binance continue to unfold. This time, the country dropped tax charges against the exchange’s executives. According to a tweet by Nigerian journalist Alexander Onukwue, the Federal Inland Revenue Service (FIRS) of Nigeria has withdrawn the tax evasion charges against Tigran Gambaryan, Binance’s head of financial crime compliance, and Nadeem Anjarwalla, the exchange’s director for Africa operations. Binance Execs Free From Tax Charges In late March, the FIRS charged Binance with four counts of tax evasion, naming Gambaryan and Anjarwalla as second and third defendants. The charges were filed on the same day that Anjarwalla escaped from the custody of the Economic and Financial Crimes Commission (EFCC). Before Anjarwalla’s escape, he

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

According to a tweet by Nigerian journalist Alexander Onukwue, the Federal Inland Revenue Service (FIRS) of Nigeria has withdrawn the tax evasion charges against Tigran Gambaryan, Binance’s head of financial crime compliance, and Nadeem Anjarwalla, the exchange’s director for Africa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

Binance Execs Free From Tax Charges

In late March, the FIRS charged Binance with four counts of tax evasion, naming Gambaryan and Anjarwalla as second and third defendants. The charges were filed on the same day that 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 talks with the government and were held back from leaving, with their passports and travel documents seized. Since Anjarwalla escaped during the Ramadan fast, authorities moved Gambaryan to the Kuje prison in Abuja and have kept him there since.

The tax evasion charges against Binance and its executives include failure to register with the FIRS to pay all relevant taxes incurred from offering services, failure to deduct value-added taxes (VATs) from crypto trades on its platform, refraining from using VAT invoices to ensure users make 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 detained in Nigeria, would no longer be required to appear in court for the hearing, as Binance is now the sole defendant. However, the executives are still defendants in a money laundering case brought by the EFCC.

Nigerian Binance Saga Deepens

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 forex 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 the criminal charges; however, the country called the claims a diversionary tactic and an attempted act of blackmail.

Meanwhile, U.S. lawmakers have asked the president to secure the release of the detained Binance executive due to his failing health.

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