Binance Nigeria’s top compliance officer, Tigran Gambaryan, who is currently detained at Kuje Correctional Centre following his arrest in February, is in discussions with the authorities for his release. The Economic and Financial Crimes Commission (EFCC) has accused him of aiding money laundering activities.
The Federal Government, represented by the Federal Inland Revenue Service (FIRS), has brought charges against Binance in five counts. They accuse the company of facilitating tax evasion for its clients. These clients allegedly failed to pay Value Added Tax (VAT) and file tax returns, neglected paying Company Income Tax (CIT), and received assistance from Binance to avoid taxes.
At the Token2049 Crypto Conference in Dubai, Binance CEO Mr. Richard Teng publicly commended the company’s efforts in partnering with Nigerian law enforcement to tackle the underlying problems. The Ambassador mentioned that “the UK has been working closely with Nigerian law enforcement to resolve the issues causing this crisis.”
Vishal Sacheendran, Head of Binance’s Regional Markets, expressed his sense of relief and contentment with the news, commenting, “This is a first for us.” However, Nigerian authorities have raised concerns regarding possible tax evasions and potential violations of Binance’s anti-money-laundering regulations.
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2024-04-18 23:33