Binance Reacts As FG Drops Tax Charges Against Executives

The cryptocurrency exchange platform, Binance, has expressed relief after the Federal High Court in Abuja acquitted its executives, Tigran Gambaryan and Nadeem Anjarwalla, of tax evasion charges brought by the Federal Inland Revenue Service.

Naija News reports that the court made its decision on Friday after the FIRS submitted amended charges, effectively dropping the tax evasion allegations against Gambaryan and Anjarwalla, who fled to Kenya.

The original charges, filed on March 22, 2024, accused Binance and Gambaryan of tax evasion.

This change resulted from Binance’s announcement of appointing a Nigerian representative, Ayodele Omotilewa, to oversee its local operations.

In a shared note with Naija News, the platform stated that it was relieved that tax charges against Gambaryan and Anjarwalla have been dropped because they are decision-makers at the company.

Binance said, “We are relieved that the Federal Inland Revenue Service (FIRS) has served and filed amended charges today, resulting in tax charges against Tigran Gambaryan being dropped.

“This further illustrates that Tigran is not a decision-maker at Binance and does not need to be held in order for Binance to resolve issues with the Nigerian government. We await the court’s ruling on this, discharging Tigran from this matter completely.”

The cryptocurrency platform also urged the Economic and Financial Crimes Commission to take similar actions, enabling Gambaryan to reunite with his family.

It highlighted Gambaryan’s worsening health after 110 days of detention, during which he was diagnosed with malaria and pneumonia.

“We commend the FIRS for their diligence and professionalism throughout this process. This situation unequivocally demonstrates Binance’s commitment to resolving this issue with the government transparently and cooperatively.

“In order for Tigran to be allowed to go home to his family, we are hopeful that the Economic and Financial Crimes Commission (EFCC) will take similar steps.

“Tigran has been detained for 110 days, and his physical health is deteriorating, including a recent malaria and pneumonia diagnosis. Binance is committed to continuing to work with the Nigerian government to resolve this,” Binance added.

The next court hearing in the case is set for June 19, 2024, where the application for the enforcement of fundamental rights will be addressed.