- Nigeria drops tax charges against Binance executives.
- Executives investigated for a $26 billion transfer.
- Money laundering case against Binance remains active.
The Nigerian Federal Inland Revenue Service (FIRS) has reportedly dropped some tax charges against two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, in an ongoing legal battle between the cryptocurrency exchange and Nigerian authorities, Bloomberg reports.
Nigerian authorities detained Gambaryan and Anjarwalla in late February 2024 over allegations that Binance was involved in an illicit $26 billion transfer. The executives were initially charged with money laundering, tax evasion, and aiding and abetting these crimes through Binance’s platform.
The charges were since amended, with the FIRS naming only Binance and its local counsel as defendants. Gambaryan, who has been unwell, will no longer be required to appear in court for the tax-related charges. However, the money-laundering case still names both executives.
Binance has argued that Gambaryan should not be held responsible for company activities due to his lack of decision-making authority within the company. Gambaryan serves as Binance’s head of financial crime compliance, while Anjarwalla was the director of operations for Africa.
Gambaryan and Anjarwalla were arrested as part of a broader investigation into Binance’s activities in Nigeria. Anjarwalla briefly escaped custody shortly after his arrest, prompting Nigerian authorities to issue an international arrest warrant through Interpol.
The money-laundering case is scheduled for its next hearing on June 19, where Binance’s legal team will seek an order to uphold the executives’ fundamental rights. The trial is expected to resume on June 20. Gambaryan remains in custody at Kuje prison pending further legal proceedings.
While the dismissal of tax charges offers a reprieve for Binance executives, the ongoing money laundering investigation casts a shadow over the exchange’s operations in Nigeria.
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