Nigeria Drops Tax Evasion Charges Against Binance Executives

Events in the Nigeria-Binance saga continue to unfold. This time, the country dropped tax charges against the stock exchange executives.

according to tweet By Nigerian journalist Alexander Onukwe Nigeria’s Federal Inland Revenue Service (FIRS) has withdrawn tax evasion charges against Tigran Gambaryan, Head of Financial Crimes Compliance at Binance, and Nadeem Angarwala, Director of the exchange’s Africa operations.

Binance Execs are exempt from tax fees

In late March, the Federal Bureau of Investigation charged Binance with four counts of tax evasion, naming Gambarian and Angarwala as second and third defendants. The charges were filed on the same day Angarwala escaped from the custody of the Economic and Financial Crimes Commission (EFCC).

Before Angarwala's escape, he had been detained with Gambarian in a heavily guarded guest house since February. The duo had come to Nigeria to hold talks with the government and were prevented from leaving and their passports and travel documents were confiscated. Since Angarwala's escape during Ramadan, authorities transferred Gambarian to Kuje Prison in Abuja and have kept him there ever since.

Tax evasion accusations against Binance and its executives include failing to register with FIRS to pay all relevant taxes incurred from providing services, failing to deduct value-added taxes (VATs) from cryptocurrency trades on its platform, and refraining from using VAT invoices to ensure users pay. Proper taxes, and aiding and abetting users to neglect their taxes.

Since Gambarian and Angarwala have been released from charge in the tax evasion case, the former, who is still detained in Nigeria, will not be required to appear in court for the hearing, as Binance is now the sole defendant. However, the executives remain accused in the money laundering case brought by the EFCC.

The Nigerian Binance saga deepens

Recall that the saga between Binance and Nigeria started when the naira saw a significant devaluation against the dollar. The latter blamed the former for contributing to the Forex crisis by allowing traders to use his platform to manipulate the market and speculate on currencies.

Binance CEO Richard Ting revealed that Nigerian government officials requested a $150 million bribe to settle criminal charges; However, the state described the allegations as a diversionary tactic and an extortion attempt.

Meanwhile, US lawmakers asked the president to secure the release of the detained Binance CEO due to his deteriorating health.