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Nigerian Court Clears Binance Executive for Trial in Tax Evasion Case
A Nigerian court's ruling today (Friday) has paved the wayfor Binance executive Tigran Gambaryan to stand trial on behalf of thecryptocurrency exchange in an ongoing tax evasion case. Alongside Gambaryan, aUS citizen and Head of Financial Crimes Compliance, British-Kenyan nationalNadeem Anjarwalla, a Regional Manager for Africa, also faces four counts of taxevasion.
In addition to the tax evasion charges, they have beenaccused of laundering over $35 million and engaging in specialized financialactivities without a license. Despite the charges, all parties involved havemaintained their innocence regarding the money laundering accusations.
Concerns over Detentions During Crypto Talks
Following Friday's court hearing, both Binance's lawyer andGambaryan's lawyer declined to offer comments. Gambaryan remains in custody,while Anjarwalla reportedly fled the country in March. Efforts are underway byNigerian authorities, in collaboration with Interpol, to locate and apprehendAnjarwalla.
The CEO of Binance has criticized Nigeria, alleging that thecountry's actions set a dangerous precedent. The executives were initiallyinvited to Nigeria in February for discussions with authorities but weresubsequently detained as part of a broader crackdown on cryptocurrency.
Nigeria Links Currency Woes to Crypto Platforms
Although Binance itself has not been charged in the taxevasion case, Nigeria's Federal Inland Revenue Service has indicatedthat Gambaryan could face charges on the exchange's behalf. Gambaryan's lawyerhas argued that he had no formal role within Binance and no explicitinstructions to represent the company in legal matters.
Judge Emeka Nwite's ruling on Friday determined thatGambaryan should be served with the charges against Binance due to his positionas the chief financial compliance officer and his appointment to represent thecompany during meetings in Nigeria.
Gambaryan is scheduled to appear in court on Wednesday toenter a plea on behalf of Binance. However, his bail application related to themoney laundering case was denied.
Nigeria has attributed its currency challenges partly toBinance, alleging that cryptocurrency platforms contributed to trading theNigerian naira amidst ongoing dollar shortages in the country.
This article was written by Tareq Sikder at www.financemagnates.com.
