Nigeria has withdrawn tax evasion charges against two Binance executives after the world’s largest cryptocurrency exchange designated a local representative to handle all court proceedings related to the allegations.
On Friday, June 14, Nigeria’s Federal Inland Revenue Service (FIRS) submitted revised charges, removing the tax evasion allegations against Tigran Gambaryan, Binance’s head of financial crime compliance, and Nadeem Anjarwalla, the company’s regional manager for Africa.
According to Reuters, Binance is now the sole defendant in the tax evasion case, as confirmed by a representative for Gambaryan’s family.
Binance stated that the court’s decision indicated that Gambaryan was not a decision-maker at the company, and his presence was not required for Binance to address its issues with the Nigerian government.
Binance expressed relief that the tax charges against Gambaryan and Anjarwalla have been dismissed, noting their roles as key decision-makers within the company.
It stated:
Binance and the two executives continue to face charges of money laundering and offering financial services without a license from Nigeria’s Economic and Financial Crimes Commission.
Gambaryan, an American and a former special agent with the Internal Revenue Service for ten years, has been held in Nigeria since late February and is currently detained at Kuje prison.
Anjarwalla, who was detained alongside Gambaryan, managed to escape and fled to Kenya in March.
Nigeria has held Binance responsible for its currency issues, as cryptocurrency websites have become the preferred platforms for trading the Nigerian naira.
This shift occurred as the country faced persistent dollar shortages, leading to the naira reaching an all-time low.
In related news, TimesNow.com.ng reported that Changpeng Zhao, the founder of Binance, was sentenced to four months in prison on Tuesday, April 30.
Before the sentence session, Zhao admitted guilty to money-laundering charges last year and regretted his errors while serving as the CEO of Binance.
As part of a coordinated settlement with the federal authorities, Binance committed to pay more than $4 billion in fines and other penalties.
Source: TimesNow.com.ng
