Nigeria Moves to Prosecute Binance Executives For Suspected Money Laundering And Tax Evasion
In a recent court hearing, Nigerian authorities requested the trial of cryptocurrency exchange Binance and two of its executives for alleged money laundering and tax evasion, marking the initial legal action after weeks of investigation into the platform’s activities.
During the court hearing, Tigran Gambaryan, Binance’s head of financial crime compliance and an American citizen, was the only one present. Recall that Nadeem Anjarwalla, the company’s regional manager, is still at large after escaping custody in late March.
At the Federal High Court in Abuja, Nigeria’s anti-corruption agency and the local tax authority leveled separate charges against Binance and its two officials. The accusations include operating without a required license, engaging in unlawful foreign exchange rate negotiations, tax evasion, and concealing the origin of illegal proceeds, amounting to $35.4 million.
In the suit marked FHC/ABJ/CR/115/2024, which was the first matter called by the court, Gambaryan’s lawyer, Chukwuka Ikwazuonu, told the court that his client was not aware of the charges against him. He argued that his client could not be arraigned because he had not received the charges from the FIRS.
In the charge, Binance was accused of failing to register with the FIRS to pay all relevant taxes administered by the service. The FIRS filed a separate four-count charge against Binance. This charge accused the company of failing to register for and pay taxes in Nigeria. The alleged offences occurred between February 1, 2024, and the filing date of March 22, 2024.
Meanwhile, controversy has surrounded the trial since Gambaryan and Anjarwalla’s arrest on February 26, with the defendants alleging illegal detention and passport seizure by authorities.
