Nigeria Drops Tax Charges Against Binance Execs
Binance said it was “relieved” following news that tax charges had been dropped against its executives Tigran Gambaryan and Nadeem Anjarwalla in Nigeria, though both are still named in the money laundering suit against the company.
What's the scoop?
- Legal Proceedings: The Nigerian Federal Inland Revenue Service amended the charges, dropping the tax violations against the individual execs while maintaining money laundering charges against the executives and Binance.
- Detention and Health Concerns: Gambaryan has remained detained in Nigeria for over 110 days, facing deteriorating health conditions, while Anjarwalla escaped custody in March.
- Binance’s Response: Binance expressed its commitment to resolving the issue with the Nigerian government and emphasized Gambaryan's role as non-decision-making, arguing his detention is unnecessary for resolving the matter.
Bankless Take:
Nigeria’s refusal to release Gambaryan, even on bail, despite dropping the tax charges, reflects poorly on the country's judicial process. The Biden Administration, which lawmakers appealed to last week, has not responded yet to the request to intervene. Instead, his campaign has reportedly been exploring taking crypto donations for their campaign to appeal to the industry.
As time draws on, the situation becomes increasingly dire with reports that Gambaryan has contracted malaria and pneumonia and collapsed during his hearing in late May. Hopefully, the U.S. government will act swiftly to bring Gambaryan home safely.