Nigerian Tax Agency Drops Charges Against Binance Execs in Tax Case

IconCryptoNewsTerminal Staff14 Jun, 2024

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Nigerian Tax Agency Drops Charges Against Binance Execs in Tax Case

The Nigerian Federal Inland Revenue Service (FIRS) has withdrawn tax evasion charges against Binance executives Tigran Gambaryan and Nadeem Anjarwala following an application by the defense counsel. Consequently, Binance remains the sole defendant in the tax evasion case. The money laundering trial involving Gambaryan and Anjarwala is still ongoing, with the next hearing scheduled for June 20, 2023. The FIRS had alleged that Binance failed to pay taxes on its operations in Nigeria, while also accusing the executives of money laundering. Binance has denied the allegations and has maintained that it complies with all applicable laws and regulations in Nigeria. The company has also stated that it is committed to working with the authorities to resolve the matter amicably. The withdrawal of charges against the executives is a significant development in the case and could potentially pave the way for a resolution between Binance and the FIRS. It also highlights the need for clear regulatory frameworks for cryptocurrency operations in Nigeria and other jurisdictions.

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