In
a
significant
turn
of
events,
Nigeria
has
withdrawn

tax
evasion

charges
against
two
executives
from
Binance,
the
world’s
largest
cryptocurrency
exchange. 

According

to
Reuters,
the
decision
came
after
Binance
appointed
a
local
representative
to
handle
all
legal
proceedings
related
to
the
allegations.
However,
the
exchange
and
the
two
executives
still
face
separate
charges
of
money
laundering.

Money
Laundering
Allegations
Persist

Tigran
Gambaryan,
a
US
citizen
and
head
of
financial
crimes
compliance
at
Binance,
and
Nadeem
Anjarwalla,
a
British-Kenyan
national
serving
as
a
regional
manager
for
Africa,
had
vehemently
denied
the
tax
evasion
accusations.
Nigerian
authorities
detained
Gambaryan

on
February
26,
while
Anjarwalla

 

escaped in
March.

Gambaryan
has
been
held
in
custody
since
then,
with
restricted
access
to
his
passport
and
supervised
communication
with
his
legal
team
and
family.

Binance
responded
to
the
court’s
decision,
asserting
that
Gambaryan
was
not
a
decision-maker
within
the
company
and
that
his

detention

was
unnecessary
for
resolving
issues
with
the
Nigerian
government. 

A
spokesperson
for
Binance
expressed
optimism
for
a
complete
discharge
of
Gambaryan
from
the
matter
pending
the
court’s
ruling.

Although
the
tax
evasion
charges
have
been
dropped,
the
exchange
and
the
two
executives
still
face

allegations
of
money
laundering.
The
Nigerian
Federal
Inland
Revenue
Service
removed
Gambaryan
and
Anjarwalla
as
defendants
in
the
tax
evasion
case. 

Nigeria
Holds
Binance
Responsible
For
Naira
Woes

The
Nigerian
authorities
have
accused
the
exchange
of
facilitating
illicit
funds
transfers
amounting
to
over
$26
billion
without
adequate
oversight.
The
Central
Bank
of
Nigeria
(CBN)
has
also
alleged
that
Binance
engaged
in
money
laundering
totaling
$35.4
million.

Nigeria
has
attributed
its

currency
challenges

to
Binance,
as
cryptocurrency
platforms
became
popular
for
trading
the
Nigerian
Naira
amidst
persistent
dollar
shortages
and
a
record
depreciation
of
the
country’s
currency.

 

Binance
has
strongly
refuted
the
charges
and
called
for
their
dismissal.
Both
Gambaryan
and
Anjarwalla
have
consistently
denied
these
allegations
as
well. 

While
the
tax
evasion
charges
have
been
dropped,
the
money
laundering
case
against
Binance
and
the
two
executives
remains
unresolved,
with
further

legal
proceedings

expected.

Overall,
the
developments
surrounding
Binance
and
its
executives
in
Nigeria
highlight
the
growing
scrutiny
and
regulatory
challenges
cryptocurrency
exchanges
worldwide
face.

As
the
case
unfolds,
industry
observers
await
the
court’s
decision
on
the
money
laundering
charges
while
the
involved
parties
continue
to
navigate
the
complex
legal
landscape.

When
writing,
the
exchange’s
native
token,
Binance
Coin
(BNB),
was
trading
at
$610.
Despite
virtually
no
change
in
the
24-hour
time
frame,
BNB
has
been
down
more
than
13%
over
the
past
seven
days
as
the
token
faces
a
price
correction
after
hitting
a
new
all-time
high
of
$725. 

 

Featured
image
from
DALL-E,
chart
from
TradingView.com 

Go to Source
Author: Ronaldo Marquez

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