A Nigerian court has made a significant legal decision regarding Binance executive Tigran Gambaryan’s involvement in an ongoing tax evasion case on behalf of the cryptocurrency exchange.
The case involves Binance and its executives, including Gambaryan and Nadeem Anjarwalla, facing charges of tax evasion, money laundering, and engaging in financial activities without proper licensing. All parties have pleaded not guilty to the money laundering charges.
Binance’s legal representation and Gambaryan’s lawyer declined to comment following the court ruling.
A spokesperson for Binance expressed disappointment with the decision, emphasizing Gambaryan’s lack of decision-making authority and urging for his release pending discussions between Binance and Nigerian officials.
While Gambaryan remains in custody, Anjarwalla fled the country in March, leading to efforts by Nigerian authorities to collaborate with Interpol for his arrest.
Binance’s CEO criticized Nigeria for detaining executives after being initially invited for discussions, viewing it as a troubling precedent in the crackdown on cryptocurrency activities.
Binance itself has not been directly implicated in the tax evasion case by Nigeria’s Federal Inland Revenue Service (FIRS), with Gambaryan potentially facing charges on the exchange’s behalf.
The court ruling specified that Gambaryan, as Binance’s chief financial compliance officer, should be served with the charges against the exchange based on his role and appointment to represent Binance in Nigeria.
Gambaryan is set to enter a plea on behalf of Binance in court, with his bail application related to the money laundering case being denied.
Nigeria has linked its currency challenges in part to Binance, citing cryptocurrency platforms as preferred avenues for trading the Nigerian naira amid dollar shortages.
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