Recent events in the ongoing dispute between Nigeria and Binance have taken a new turn. The Federal Inland Revenue Service (FIRS) of Nigeria has decided to drop tax evasion charges against Tigran Gambaryan, the head of financial crime compliance at Binance, and Nadeem Anjarwalla, the exchange’s director for Africa operations.
The saga began in late March when the FIRS filed four counts of tax evasion against Binance, naming Gambaryan and Anjarwalla as defendants. Anjarwalla managed to escape from the custody of the Economic and Financial Crimes Commission (EFCC) on the same day the charges were filed. Both executives had been detained since February, with Anjarwalla eventually escaping during the Ramadan fast.
Although the tax evasion charges have been dropped against the executives, they are still facing legal trouble in a money laundering case brought by the EFCC. Gambaryan, who remains detained in Nigeria, is no longer required to appear in court for the tax evasion case, as Binance is now the sole defendant in that matter.
The conflict between Nigeria and Binance stemmed from the devaluation of the naira against the dollar. Nigerian officials accused Binance of contributing to the forex crisis by allowing market manipulation and currency speculation on its platform. Binance CEO Richard Teng claimed that Nigerian government officials demanded a $150 million bribe to settle the charges, which the country denied, labeling it as a diversionary tactic.
Meanwhile, U.S. lawmakers have intervened, urging the president to secure the release of the detained Binance executive due to concerns about his failing health. The international community continues to monitor the situation closely as tensions between Nigeria and Binance remain high.
The developments in the ongoing saga between Nigeria and Binance are complex and multifaceted. While the executives have been cleared of tax evasion charges, they still face legal challenges in a money laundering case. The accusations and counter-accusations between the two parties have escalated, drawing international attention to the dispute. The resolution of this conflict remains uncertain, with both sides standing firm in their positions.