As a crypto investor with experience in international markets, I’m closely monitoring the situation between Binance and the Nigerian Federal Inland Revenue Service (FIRS). The tax evasion charges against Binance are concerning, but I’m hopeful that the exchange will be acquitted, given the recent dismissal of similar charges against its executives.
The Nigerian Federal Inland Revenue Service (FIRS) has brought forth four allegations of tax evasion against Binance. A judgment is set to be rendered in a court in Abuja on the 11th of October.
Lawyer Ayodele Omotilewa from Binance’s legal team in Nigeria made a plea on July 12 for the dismissal of all charges against Binance before Judge Emeka Nwite. The argument was based on insufficient evidence, maintaining Binance’s innocence throughout the proceedings.
In a surprising turn of events, Judge X dismissed the tax evasion accusations against Tigran Gambaryan and Nadeem Anjarwalla, high-ranking executives from Binance, during their visit to Nigeria in February. The purpose of their trip was to engage in discussions with the government. However, after the negotiations soured, both men were taken into Nigerian custody and incarcerated.
Anjarwalla successfully broke out of prison and made his way to Kenya, where he holds citizenship. In contrast, Gambaryan continues to be detained. The two individuals have yet to be found not guilty of money laundering allegations, keeping Gambaryan behind bars.
I have come across reports where US lawmakers have strongly advocated for the Nigerian government to grant clemency to an individual associated with Binance, emphasizing that he does not hold any decision-making authority within the organization. These legislators also urged President Joe Biden to make Gambaryan’s release a priority. Furthermore, one congressperson has introduced a resolution, which, if necessary, would grant the executive branch hostage designation status for this individual if they remain unfree by July 15.
The current legal proceedings against Binance and its top brass overlap with the Central Bank of Nigeria introducing fresh regulations for cryptocurrency businesses to comply with in order to operate within the country.
It has claimed that firms like Binance have facilitated Nigerian citizens to trade its national currency, the Naira, for the US dollar and cryptocurrency unlawfully, without maintaining anti-money laundering (AML) programs. Moreover, it blames the Naira’s devaluation on these firms. It also maintains that cryptocurrency use within the country is a national security risk.
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2024-07-14 15:09