Update on Binance Executive Legal Battle in Nigeria 🇳🇬
Recently, a Binance executive faced tax evasion charges in Nigeria, with the case now adjourned till April 19. Tigran Gambaryan, head of financial crime compliance at Binance, has been accused of several offenses, including non-payment of taxes and assisting customers in evading taxes through Binance platform.
Postponement of Legal Proceedings
During the court session, Justice Emeka Nwite delayed Gambaryan’s case after discovering he had only just seen the charges. The prosecution claimed they couldn’t serve the charges earlier as Gambaryan was in the custody of another agency, the Economic and Financial Crimes Commission (EFCC), and finally presented the charges in court.
- The case was adjourned until April 19, giving Gambaryan time to understand the charges.
- Gambaryan was notified about the charges for the first time during the court proceeding.
Binance Executive Escapes Nigerian Custody
Nadeem Anjarwalla, another Binance executive with UK and Kenyan citizenship, fled Nigeria last month after being captured with Gambaryan. The executives visited Nigeria in February upon the government’s invitation to discuss cryptocurrency regulations amidst a clampdown on crypto platforms.
Crucial Court Proceedings
The Nigerian government is cracking down on cryptocurrencies due to the naira’s devaluation, restricting access to digital tokens. Central Bank Governor Olayemi Cardoso accused Binance of facilitating $26 billion in untraceable transactions before the executives’ arrest.
- Binance has denied that Gambaryan had any decision-making power within the company before the hearing.
- The case highlights the need for clear regulatory frameworks in the cryptocurrency space.
Legal Defense and Global Attention
Gambaryan’s legal defense emphasized that due process was not followed and stressed his lack of authority to receive charges on behalf of Binance. The defense urged for a serious approach to the case, considering the global implications.
Implications on Cryptocurrency Exchanges
The increased scrutiny on cryptocurrency exchanges underscores the importance of regulatory compliance and adherence to legal processes in addressing tax evasion and financial crime allegations. As the legal battle progresses, Gambaryan awaits further developments, including the potential outcome of imprisonment.
Hot Take: Future of Binance Executive’s Legal Battle in Nigeria 🔥
In a recent development, a Binance executive detained in Nigeria on tax evasion charges has had his case adjourned until April 19, following his first appearance in court.
By
By
By
By