Nigerian court delays Binance executives’ tax evasion trial

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As a seasoned crypto investor with a keen interest in global regulatory developments, I find the latest turn of events in the Binance tax evasion case in Nigeria deeply concerning. Having closely followed this story, I cannot help but empathize with Tigran Gambaryan and his team at Binance as they navigate through these challenging times.

As a crypto investor following the Binance tax evasion case in Nigeria, I’ve learned that the court hearing, which was supposed to bring Tigran Gambaryan before the judge, has been postponed yet again. The new date set for this hearing is now in June. It’s frustrating not being able to move forward with legal proceedings as planned, but such is the nature of the judicial process at times.

A Nigerian court has pushed back the tax evasion trial against Binance, setting a new date for June 14th. The hearing’s postponement resulted from the absence of Tigran Gambaryan, a U.S. national and Binance’s head of financial crime compliance, at the originally scheduled session, based on Reuters reporting.

At the moment of publication, no reason has been given for Gambaryan’s absence from the proceedings. Even Moses Ideho, the lawyer representing the revenue service, mentioned in bewilderment that Gambaryan was expected to be present according to the plans of the Nigerian prison service.

In a recent turn of events, a Nigerian court’s decision permits Gambaryan to act on behalf of Binance in an ongoing tax evasion case. Binance, along with its top executives, Gambaryan and Nadeem Anjarwalla (Binance’s African regional director), are accused of four charges related to tax evasion. Among these allegations, they are claimed to have neglected registering with the Federal Inland Revenue Service of Nigeria.

Previously, Binance CEO Richard Teng criticized Nigerian authorities for establishing a potentially hazardous precedent for businesses globally. They extended invitations to executives, only to detain them during a cryptocurrency clampdown.

In a blog entry, Teng, the CEO of Binance, revealed that before their journey to Nigeria, Gambaryan and Anjarwalla were assured they would encounter no issues during their business meetings. Unexpectedly, these executives were illegally detained by Nigerian authorities, according to Teng. Furthermore, the Economic and Financial Crimes Commission in Nigeria has brought charges of tax evasion against Binance and its top officials, and allegations of money laundering involving more than $35 million have also been leveled against them.

In February, Gambaryan and Anjarwall were taken into custody and accused of committing criminal offenses. Currently, Gambaryan is undergoing a trial, while Anjarwall initially managed to elude capture but was subsequently handed over from Kenya to Nigeria.

The Nigerian court mandated Binance to remove the naira from its peer-to-peer services as part of a broader clampdown on cryptocurrency trading in the country. Additionally, an Abuja High Court instructed Binance to provide detailed information about all local crypto users on their platform.

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2024-05-23 11:56