Legal Battle Unfolds In Nigeria Over Binance Executives’ Detention
As a crypto enthusiast, you may be interested in the recent legal battle involving Binance executives in Nigeria. The detained Binance executive, Tigran Gambaryan, has taken legal action against Nigeria’s National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC), claiming a violation of his basic human rights. Here’s what you need to know about this unfolding situation:
Executive Challenges Detention
Reports indicate that Tigran Gambaryan, who serves as Binance’s Head of Financial Crime Compliance, has filed a lawsuit against the NSA and EFCC. In his legal motion, Gambaryan is seeking:
- A declaration that his detention and passport confiscation violate the country’s constitution
- An order for his immediate release from custody and return of his passport
- A permanent injunction against further investigations into Binance’s operations
- A public apology from the defendants
Gambaryan clarifies that his presence in Nigeria was in response to official invitations to discuss Binance matters and denies committing any offenses during the meetings.
Escape and Similar Complaint
While Gambaryan remains in custody, his fellow detained Binance executive, Nadeem Anjarwalla, managed to escape and has filed a similar complaint against the Nigerian government. Anjarwalla left Abuja after escaping from government custody a month after his initial detention.
Tax Evasion Charges Against Binance
In a related development, the Nigerian government has filed tax evasion charges against Binance, naming Anjarwalla and Gambaryan as the second and third defendants. The charges include allegations of non-payment of Value-Added Tax and Company Income Tax, failure to file tax returns, and aiding customers to evade taxes through the platform.
The regulatory scrutiny on cryptocurrency exchanges in Nigeria is evident through these lawsuits and tax evasion charges. The unfolding legal battles pose uncertainties for Binance and its executives as they navigate the legal landscape in Nigeria.
Market Impact on Binance Coin
Currently, Binance Coin (BNB) is trading at $617, showing a consistent upward trend with a significant increase of over 47% in the past month. This surge brings BNB closer to its previous all-time high of $686 achieved in May 2021, despite the ongoing legal challenges faced by Binance.
Legal Battles Unfold In Nigeria Over Detained Binance Executives
Amid Nigeria’s crackdown on cryptocurrency activities, the detained Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, are facing legal challenges over their detention and tax evasion charges. The unfolding situation highlights the regulatory scrutiny faced by cryptocurrency exchanges and the uncertainties in the legal landscape.
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