Binance Execs Cleared: Tax Evasion Charges DroppedBinance Execs Cleared: Tax Evasion Charges Dropped
Tax evasion allegations against Binance executives are dropped by the court.
Nigerian court drops tax evasion allegations against Binance executives Tigran Gambaryan and Nadeem Anjarwalla, citing revised charges and Binance's appointment of a local representative. Cryptocurrency operations in Nigeria face increased scrutiny amidst legal battles.
Tigran Gambaryan and Nadeem Anjarwalla, executives of Binance, were exonerated by Justice Emeka Nwite of the Federal High Court from the tax evasion charges filed against them by the Federal Inland Revenue Service (FIRS).
The court's ruling came after the FIRS submitted a new set of revised allegations subsequent to Binance appointing Ayodele Omotilewa as a representative from Nigeria.
The FIRS first brought legal action against Binance, Gambaryan, and Nadeem in March, alleging that they had committed tax evasion.
According to the new lawsuit, executives at Binance were not collecting and remitting different taxes as mandated by law.
The FIRS dropped the lawsuit against Gambaryan and Nadeem when Binance's legal team informed the court during the hearing that its Nigerian representation had been appointed.
The platform supplied services to Nigerians without deducting mandatory Value Added Taxes (VAT) and other related tax violations, according to the latest indictment against Binance.
The question of whether Binance's representative ought to enter the dock and make a corporate plea was discussed in court.
The defense argued that corporate representatives are not required to go through this process per Nigerian law.
In the end, the judge decided that Binance would be the only target of the legal proceedings and dropped the earlier accusations against Gambaryan and Nadeem. Their names were also deleted from the lawsuit.
The court ordered both sides to submit written arguments over the representative's appearance in the dock and postponed the proceedings until Friday, July 12 in order to hear pleas.
This comes as cryptocurrency operations in Nigeria are coming under closer scrutiny; Binance is facing several legal actions and accusations related to money laundering and foreign exchange rates.
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