The tax evasion trial involving cryptocurrency exchange Binance and two of its executives in Nigeria has been postponed until May 17. The delay occurred because Binance had not received formal notification of the charges. The Federal Inland Revenue Service (FIRS), responsible for serving Binance with tax evasion charges, had not completed this process. The lawyer for FIRS argued that Binance’s head of financial crime compliance, Tigran Gambaryan, who had been served, should represent the exchange as the primary defendant since both Binance and its executives were charged together. Gambaryan’s lawyer objected, citing Nigerian law, which states that he cannot plead until Binance, as the primary defendant, is served.
The judge, Emeka Nwite, adjourned the proceedings until May 17, when he will make a ruling. Binance and its executives, including Gambaryan and regional manager Nadeem Anjarwalla, were arrested on February 28 and charged with tax evasion during a visit to Nigeria. The arrest followed the government’s ban on cryptocurrency channels in an effort to combat currency speculation. The court compelled Binance to provide the Nigerian government with access to data and details of Nigerian traders on its platform. The charges against Binance relate to its failure to register with the Federal Inland Revenue Service for tax remittance.
Gambaryan attended the court hearing in Abuja but did not enter a plea, while Anjarwalla was not present as he had escaped detention and left the country in March 2024. In addition to the tax evasion trial, Binance and its executives also face charges of laundering over $35 million by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), with the trial set to continue on May 2. Binance, which did not have representation in court, made no immediate comment but stated at the Token2049 crypto conference in Dubai that it is working closely with Nigerian authorities following Gambaryan’s detention.
In a separate case, a federal high court in Abuja postponed the bail application hearing for Binance executive Tigran Gambaryan, who remains in custody at the Kuje correctional center. Gambaryan is counteracting by suing the government for violating his fundamental human rights. His motion argues that his detention in Nigeria and the confiscation of his passport violate the country’s constitution, which guarantees an individual’s right to personal liberty.
It’s concerning that Binance is accused of failing to register for tax remittance. They should know better!
Binance’s head of financial crime compliance should absolutely be the primary defendant! They should take responsibility for their actions.
The ban on cryptocurrency channels by the Nigerian government shows their attempt to regulate currency speculation. It’s a significant move.
Binance executives escaping detention is a clear sign of guilt. They can’t run from the law forever! 🏃♂️🚓
Binance’s involvement in money laundering is deeply troubling. They need to face the consequences!