As a seasoned crypto investor with a deep interest in global regulatory developments, I’ve been closely following the tumultuous relationship between Nigeria and Binance with bated breath. The latest twist in this saga – the withdrawal of tax evasion charges against Tigran Gambaryan and Nadeem Anjarwalla – has left me feeling a mix of relief and apprehension.
The latest development in the ongoing saga between Nigeria and Binance sees the withdrawal of tax-related accusations against the exchange’s top personnel.
Nigerian journalist Alexander Onukwue reported via tweet that the Federal Inland Revenue Service (FIRS) in Nigeria has dropped the tax evasion accusations against Tigran Gambaryan, Binance’s head of financial crime compliance, and Nadeem Anjarwalla, the exchange’s director for Africa operations.
Binance Execs Free From Tax Charges
Around the last week of March, the Federal Inland Revenue Service (FIRS) accused Binance of tax evasion, implicating Gambaryan and Anjarwalla as the second and third suspects in the case. Simultaneously, Anjarwalla was reported to have eluded the Economic and Financial Crimes Commission (EFCC)’s detention.
Prior to my unexpected departure, my companion Gambaryan and I were detained at a well-secured lodge in Nigeria since February. Our discussions with the government had been interrupted, and our travel documents, including passports, were confiscated, preventing us from leaving. Following my escape during the holy month of Ramadan, authorities transferred Gambaryan to Kuje prison in Abuja where he has remained ever since.
As a crypto investor, I can explain that Binance and its executives are accused of not complying with tax laws in Nigeria. Specifically, they allegedly didn’t register with the Federal Inland Revenue Service (FIRS) to pay taxes on the revenue generated from their cryptocurrency services. Additionally, they failed to charge Value-Added Tax (VAT) on crypto trades made on their platform and did not issue VAT invoices for users to make appropriate tax payments. Furthermore, they reportedly aided and abetted their users in neglecting their tax obligations.
As a researcher looking into this situation, I’d put it this way: With Gambaryan and Anjarwalla having been released from the tax evasion case, the former, currently detained in Nigeria, is no longer needed to attend court hearings since Binance stands alone as the defendant. Nevertheless, they both remain accused in the money laundering case initiated by the Economic and Financial Crimes Commission (EFCC).
Nigerian Binance Saga Deepens
The tale of conflict between Binance and Nigeria started when the naira underwent a significant depreciation relative to the dollar. The Central Bank of Nigeria accused Binance of exacerbating the foreign exchange predicament by permitting users to employ its platform for manipulating markets and speculating on currency values.
According to Binance CEO Richard Teng’s revelation, Nigerian authorities allegedly asked for a bribe totaling $150 million in order to drop criminal charges. However, the Nigerian government denounced these accusations as an underhanded tactic and an attempt to extort money.
As a legal analyst, I would express it this way: The U.S. legislators have requested the president’s intervention to facilitate the release of the ailing Binance executive who is currently in detention.
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2024-06-16 21:36