REGULATION

Nigeria accuses Binance of tax evasion, detains executives until mid-April for trial

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Nigeria accuses Binance of tax evasion, detains executives until mid-April for trial

According to Bloomberg, Tigran Gambaryan, a senior executive at Binance Holdings Ltd., has been detained in Nigeria for over a month and is facing tax evasion charges. The case was recently brought to court but has been adjourned until April 19. Gambaryan remains in custody by Nigeria's Economic and Financial Crimes Commission (EFCC) awaiting further notice.

Nigeria Accuses Binance of Tax Evasion

Gambaryan, who leads Binance's financial crime compliance efforts, now faces serious allegations in Nigeria.

These accusations include failure to pay Value Added Tax (VAT) and corporate income tax, as well as charges of assisting clients in tax evasion through Binance. This legal dispute signals challenging times for the company in Nigeria, as the country has recently imposed strict regulations on cryptocurrency trading to address growing concerns of currency speculation.

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Delays and Escapes: Court Drama Intensifies

Judge Emeka Nwite decided to postpone the company's hearing to April 8. The dramatic escape of another senior Binance executive, Nadeem Anjarwalla, who was detained along with Gambaryan, from the West African country last month, adds complexity to the plot. The duo had traveled to Nigeria in late February initially to engage in discussions with authorities upon official invitation, but found themselves in a legal predicament.

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Binance's Stance: Seeking Fair Treatment

Ahead of the hearing, Binance released a statement on X platform, arguing that Gambaryan should not be held responsible for company decisions and urging his release in ongoing discussions with Nigerian officials.

With the case postponed to mid-April, the cryptocurrency community closely watches, as the outcome could potentially reshape the landscape of the cryptocurrency industry on the African continent.