Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent news of Nigeria dropping all tax evasion charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla.
Nigeria Drops Tax Evasion Charges
On Friday the 14th of June 2024 Nigeria dropped all its tax evasion charges against the two Binance executives after the world's largest crypto exchange appointed a local representative to face all court processes relating to the allegations on its behalf.
Tigran Gambaryan, a U.S. citizen and head of financial crimes compliance for Binance, had been held for 110 days. Nadeem Anjarwalla, a British-Kenyan national and regional manager for Binance Africa, had managed to escape detention on the 22nd of March and left the country. With Gambaryan in custody the news is not all good, as he will remain in custody due to pending money laundering charges brought by the Economic and Financial Crimes Commission (EFCC).
The move comes a mere week after sixteen United States lawmakers accused Nigeria of holding Gambaryan hostage, but it is a welcoming move to see Nigeria’s Federal Inland Revenue Service (FIRS) drop the tax evasion charges and removed the two executives as defendants in the tax evasion case. Gambaryan has been diagnosed with malaria and pneumonia, according to his lawyers, which has raised concerns over his health and well-being.
Nigeria is blaming Binance for its current currency woes after their cryptocurrency websites became the platforms of choice for trading the Nigerian naira while the nation battled against chronic dollar shortages and its currency fell to a record low. The initial charges which were filed against Binance, Gambaryan and Anjarwalla in March 2024 by the FIRS noted that they had allegedly failed to pay taxes on cryptocurrency transactions worth billions of naira. Binance was accused of not paying value-added tax, company tax, and failure to file tax returns.
Have a great day.
Peace. CryptoGod-1.
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