Nigeria Drops Tax Charges Against Binance Executives

The Federal Inland Revenue Service (FIRS) of Nigeria has dropped tax charges against Binance cryptocurrency exchange employees Tigran Gambaryan and Nadim Anjarwalla. This was reported by CoinDesk, citing a family spokesperson of one of the individuals involved.

FIRS agreed that the tax evasion case pertains directly to the trading platform, which will be the sole defendant. A local representative of the exchange is expected to appear in court.

Authorities estimate that Binance earned over $20 billion in 2023 alone but did not pay taxes.

Meanwhile, Gambaryan and Anjarwalla remain accused in a money laundering case. A hearing is scheduled for June 19 to discuss the rights of Binance employees. The lawsuit consideration has been postponed to June 20.

Gambaryan is still held in Kuje prison. Anjarwalla secretly flew from Nigeria to Kenya at the end of March. However, authorities tracked him down there and are preparing extradition.

Nigerian authorities also accuse Binance Holdings Limited of conducting specialized financial activities without a license. Binance potentially faces a $10 billion fine.

The company denies the charges and calls for the release of its employee.

Previously, members of the U.S. Congress and a group of former American officials urged President Joe Biden and Secretary of State Antony Blinken to assist in bringing Gambaryan back home.