In a development welcomed by Binance, the Federal Inland Revenue Service had the tax evasion charges against Tigran Gambaryan, a 39-year-old American, and Nadeem Anjarwalla dropped by the Federal High Court in Abuja.
The court’s decision came after amended charges were submitted by the FIRS, effectively clearing Gambaryan and his colleague who had fled to Kenya from the tax evasion allegations.
This decision followed Binance’s appointment of a Nigerian representative, Ayodele Omotilewa, to manage its local operations. The initial charges, filed on March 22, 2024, had accused Binance and Gambaryan of tax evasion.
The largest crypto exchange, in a statement shared with NewsNow, expressed its relief stating, “We are pleased with the amended charges served by the Federal Inland Revenue Service today, leading to the dropping of tax charges against Tigran Gambaryan.
“This further affirms that Tigran does not hold decision-making authority at Binance and his continued detention is unnecessary for Binance to address any issues with the Nigerian government. We await the court’s ruling to completely dismiss Tigran from this matter.”
The crypto exchange also urged the Economic and Financial Crimes Commission to follow suit and allow Gambaryan to reunite with his family.
Highlighting his deteriorating health after 110 days of detention, during which he was diagnosed with malaria and pneumonia, they emphasized the urgency of his release.
“We commend the diligence and professionalism displayed by the FIRS throughout this process. This incident underscores Binance’s commitment to transparently and cooperatively resolving matters with the government.
“To facilitate Tigran’s return to his family, we are optimistic that the Economic and Financial Crimes Commission (EFCC) will take similar measures.
“With Tigran having been in detention for 110 days and his health deteriorating, including recent diagnoses of malaria and pneumonia, Binance remains dedicated to collaborating with the Nigerian government to address this,” Binance added.
The upcoming hearing in this case is set for June 19th, focusing on the application for enforcing fundamental rights.
On June 20th, the EFCC trial is slated to continue while Tigran remains in Kuje prison.
It is worth noting that since Tigran collapsed in court on May 23rd due to malaria, his health has deteriorated further, leading to pneumonia.
Despite a court order by Justice Emeka Nwite for Tigran to be taken to the hospital immediately, it took the prison authorities 11 days to arrange a brief check-up.
NewsNow learned that 16 US Members of Congress, including Michael McCaul, chair of the Foreign Affairs Committee, recently wrote to President Biden, emphasizing that Tigran is a “U.S. Citizen wrongfully detained by a foreign government” and urging further action to secure his release.
The Federal Government had accused the cryptocurrency exchange of manipulating foreign exchange (FX) rates, leading to heightened scrutiny of crypto trading platforms.
Additionally, the EFCC is prosecuting Binance and its executives on charges related to alleged money laundering and foreign exchange violations.
Two senior Binance executives were detained by Nigerian authorities on February 28, 2024, upon their arrival in Nigeria for a meeting following the government’s ban on cryptocurrency channels, part of a broader crackdown on currency speculation.