Nigeria Drops Tax Charges Against Binance Executive Amid Legal Disputes
In a significant development, the Nigerian Federal Inland Revenue Service (FIRS) has dropped its tax evasion charges against Tigran Gambaryan, an executive at cryptocurrency exchange Binance. Gambaryan, along with Nadeem Anjarwalla, had been accused earlier this year of failing to pay taxes on cryptocurrency transactions worth billions of naira. The FIRS revised the case so that only Binance, represented by its local entity, remains under scrutiny for tax violations.
Gambaryan’s Health Concerns
Despite the withdrawal of tax-related charges, Gambaryan continues to face legal challenges. He remains detained on separate money laundering charges brought by Nigeria’s Economic and Financial Crimes Commission (EFCC). His prolonged detention, which has now exceeded 110 days, has raised international concerns due to his deteriorating health. Diagnosed with malaria and pneumonia, Gambaryan’s condition has reportedly worsened during his time at Kuje prison.
Two U.S. lawmakers have called for his immediate release, citing severe medical neglect and expressing concerns about his treatment. Although Nigeria has refuted claims of mistreatment, stating that Gambaryan is being treated lawfully and receiving necessary medical care, international pressure for his release continues to mount.
International Repercussions
This case has broader implications for Binance and its operations in Nigeria. The cryptocurrency exchange is under investigation for exacerbating Nigeria’s foreign exchange challenges, with both the EFCC and FIRS actively pursuing legal action against the company. While Binance has asserted that Gambaryan does not hold decision-making authority within the company, the ongoing legal battle could affect its future in Nigeria.
Conclusion
The withdrawal of tax charges against Gambaryan marks a partial victory for Binance, yet his continued detention on money laundering accusations and his worsening health highlights the complexities of the case. As international attention grows, the outcome of this legal battle may set a precedent for how governments worldwide address the regulatory issues surrounding cryptocurrency.
