Detained Binance executive to be charged with money laundering after the reported delay to the exchange tax evasion case.
The tax evasion case involving Binance Holdings Limited and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, has been postponed by a Federal High Court in Abuja.
Detained Binance Executive Charged With Money Laundering
Following the Nigerian government’s actions through the Federal Inland Revenue Service (FIRS), a tax evasion case involving Binance Holdings Limited and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, has been delayed by a Federal High Court in Abuja.
The FIRS filed a lawsuit, FHC/ABJ/CR/115/2024, in Abuja on Monday, March 25, 2024, accusing Binance of four counts of tax evasion.
These charges include failure to pay company income tax, nonpayment of value-added tax (VAT), failure to comply with tax return filing obligations, and allegedly aiding its users in evading taxes through its platform.
During Gambaryan’s appearance in court, he faced charges of laundering over $35 million for the first time since his arrest and did not enter a plea. The formal arraignment for the money laundering charge is scheduled for April 8, with the tax charges following on April 19, when Gambaryan will enter his plea.
Binance Has Not Been Charged By Nigeria’s Economic and Financial Crimes Commission
While Binance itself has not been charged by Nigeria’s Economic and Financial Crimes Commission (EFCC) or the FIRS, Gambaryan may face the charges on behalf of the exchange. However, Gambaryan’s lawyer argued that he lacked decision-making authority within the company and should not be held accountable.
Development on the Other Detained Binance Executive
Meanwhile, Anjarwalla, the other detained executive, managed to escape from a guest house in Abuja on Friday, March 22, 2023. Additionally, Binance has requested the release of Gambaryan, asserting that he should not be held responsible as he did not have decision-making authority within the company.
Binance’s Decision to Halt Naira to USDT/USDC Transactions on Its Platform
These legal developments occurred following Binance’s decision to halt naira to USDT/USDC transactions on its platform, leading to the arrest of the two executives. In response, Binance discontinued all Nigerian naira services, ceasing naira deposits and withdrawals.
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