The Federal High Court in Abuja’s ruling on Friday brought relief to Binance as Tigran Gambaryan, a 39-year-old American, and Nadeem Anjarwalla were cleared of tax evasion charges filed by the Federal Inland Revenue Service.
The court’s ruling was prompted by the FIRS decision to file amended charges, which effectively withdrew the tax evasion allegations against Tigran Gambaryan and his associate, who had fled to Kenya.
The amendment followed Binance’s announcement of appointing Ayodele Omotilewa as its local representative in Nigeria, a move that led to the withdrawal of the tax evasion charges. The original charges, filed on March 22, 2024, had accused Binance and Gambaryan of tax evasion.
The largest crypto exchange, in a shared note, stated, “We are relieved that the Federal Inland Revenue Service has served and filed amended charges today, resulting in tax charges against Tigran Gambaryan being dropped.
“This further illustrates that Tigran is not a decision-maker at Binance and does not need to be held in order for Binance to resolve issues with the Nigerian government. We await the court’s ruling on this, discharging Tigran from this matter completely.”
The crypto exchange also called on the Economic and Financial Crimes Commission to take similar steps, allowing Gambaryan to return home to his family.
They emphasised his deteriorating health due to 110 days of detention, during which he was diagnosed with malaria and pneumonia.
“We commend the FIRS for their diligence and professionalism throughout this process. This situation unequivocally demonstrates Binance’s commitment to resolving this issue with the government transparently and cooperatively.
“In order for Tigran to be allowed to go home to his family, we are hopeful that the Economic and Financial Crimes Commission (EFCC) will take similar steps.
“Tigran has been detained for 110 days, and his physical health is deteriorating, including a recent malaria and pneumonia diagnosis. Binance is committed to continuing to work with the Nigerian government to resolve this,” Binance added.
The next hearing in this case is scheduled for June 19th where the application for an order for the enforcement of fundamental rights will be heard.
The EFCC trial is to continue on June 20th, while Tigran remains in Kuje prison.
Recall that since Tigran collapsed in court on May 23rd with Malaria, his health conditions have worsened, culminating in pneumonia.
Despite a court order by Justice Emeka Nwite to take Tigran to hospital immediately, it took the prison authorities 11 days to take him for a brief check-up.
It was learnts that 16 US Members of Congress including the chair of the Foreign Affairs Committee Michael McCaul wrote to President Biden last week, highlighting that he is a “U.S. Citizen wrongfully detained by a foreign government,” and urging him to do more to secure his release.
The Federal Government had alleged that the cryptocurrency exchange engaged in foreign exchange (FX) rate manipulation, resulting in heightened regulatory scrutiny of cryptocurrency trading platforms.
In a separate legal action, the EFCC is pursuing criminal charges against Binance and its executives, alleging money laundering and foreign exchange violations.
On February 28, 2024, two top executives of Binance were taken into custody by Nigerian authorities upon their arrival in the country for a scheduled meeting, following the Federal Government’s crackdown on cryptocurrency channels as part of a wider effort to curb currency speculation.
