Nigeria Govt. Dismisses Tax Evasion Allegations Against Binance, Legal Challenges Continues

Nigeria Govt. Dismisses Tax Evasion Allegations Against Binance, Legal Challenges Continues
Nigeria Govt. Dismisses Tax Evasion Allegations Against Binance, Legal Challenges Continues

In a pivotal development, Nigerian authorities have dropped tax evasion charges against two high-ranking Binance officials, following the cryptocurrency exchange giant’s move to designate a local representative for addressing the legal concerns stemming from these allegations. Tigran Gambaryan, Binance’s head of financial crimes compliance, alongside Nadeem Anjarwalla, the exchange’s regional manager for Africa, were both exonerated from the tax evasion claims they had persistently denied.

Binance articulated that the nature of Gambaryan’s duties at the company does not involve making executive decisions; thus, his exoneration from the case was justified. Gambaryan, who had been under detention since February, and Anjarwalla, who departed Nigeria in March, though now clear of tax evasion charges, continue to confront separate accusations concerning money laundering activities. Binance has expressed confidence that these charges lack merit and should likewise be dismissed.

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The resolution of the tax evasion case comes amid Nigeria’s vocal criticisms of Binance, accusing the platform of exacerbating the nation’s economic strains. The growing popularity of cryptocurrency exchanges like Binance for trading the Nigerian naira has been spotlighted, especially in the context of the national currency’s devaluation and ongoing dollar scarcities, underscoring the complex relationship between digital currency platforms and traditional economic systems.

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