A Nigerian court has made a significant ruling in the ongoing tax evasion case involving cryptocurrency exchange Binance and its executives. Tigran Gambaryan, the head of financial crimes compliance for Binance, has been given the green light to stand trial on behalf of the exchange.
The case, which also involves British-Kenyan national Nadeem Anjarwalla, a regional manager for Africa, includes charges of tax evasion, money laundering exceeding $35 million, and engaging in financial activities without a license. Despite pleading not guilty to the money laundering charges, Gambaryan remains in custody while Anjarwalla has fled the country.
Binance’s lawyer and Gambaryan’s lawyer both declined to comment after the recent court hearing. However, a Binance spokesperson expressed disappointment in Gambaryan’s continued detention, stating that the charges against him are baseless.
The CEO of Binance has criticized Nigeria for detaining its executives during talks with authorities, calling it a dangerous precedent. While Binance itself has not been charged in the tax evasion case, the Nigerian Federal Inland Revenue Service has indicated that Gambaryan could face the charges on the exchange’s behalf.
Despite Gambaryan’s lawyer’s assertion that he had no authority to represent Binance, Judge Emeka Nwite ruled that Gambaryan should be served with the charges as the chief financial compliance officer of Binance. Gambaryan is set to be arraigned in court on Wednesday to enter a plea on behalf of Binance.
The situation has sparked controversy and drawn attention to the intersection of cryptocurrency, taxation, and international legal proceedings. Nigeria has pointed fingers at Binance for exacerbating its currency issues, further complicating the already complex case.