In a significant turn of events, Nigerian authorities have dismissed tax evasion charges against two key Binance executives. The move follows the cryptocurrency giant’s decision to appoint a local representative to handle all legal proceedings on its behalf.
Tigran Gambaryan, Binance’s head of financial crimes compliance, and Nadeem Anjarwalla, the regional manager for Africa, both faced allegations of tax evasion which they vehemently denied. Gambaryan, an American, had been in custody since February, while Anjarwalla, who holds British-Kenyan nationality, left Nigeria in March.
At the federal high court in Abuja, Gambaryan awaited his fate, charged with both tax evasion and money laundering. However, the Nigerian Federal Inland Revenue Service has now excluded Gambaryan and Anjarwalla from the tax case. A Binance spokesperson emphasized that Gambaryan “was not a decision-maker at Binance and does not need to be held in order for Binance to resolve issues with the Nigerian government.”
Despite this reprieve, the executives and Binance still face separate money laundering accusations. Both Gambaryan and Anjarwalla have denied these charges, with Binance urging the court to dismiss them entirely.
Nigeria has criticized Binance for exacerbating its financial difficulties, as the exchange has become a popular platform for trading the Nigerian naira amid the country’s ongoing dollar shortages and currency devaluation.
“We await the court’s ruling on this, discharging Tigran from this matter completely,” stated a Binance representative, hopeful for a favorable outcome in the remaining legal battles.
