Binance Execs Cleared of Tax Evasion by Nigerian FIRS

• Nigeria’s FIRS dropped tax evasion charges against Binance execs, focusing legal action solely on the company.
• Binance argues Gambaryan lacks decision-making authority, highlighting corporate governance challenges.
• Gambaryan’s health deteriorates in detention, with a recent diagnosis of malaria and pneumonia.

Tax evasion charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla have been withdrawn by Nigeria’s Federal Inland Revenue Service (FIRS). The FIRS has revised its legal approach, naming only Binance itself, represented locally, in the ongoing legal proceedings.

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Gambaryan and Anjarwalla were detained earlier this year for allegations of money laundering and tax evasion against Binance. Despite being named in a separate case by the EFCC, the Financial Institutions Revenue Service (FIRS) dropped tax charges against the individuals.

Impact on Binance and Executives

Binance has been vocal in asserting that Gambaryan, in his role as head of financial crime compliance, lacks decision-making authority that would necessitate his representation in court. 

Anjarwalla, formerly overseeing Binance’s operations in Africa, escaped detainment shortly after the initial charges were filed.

The application for an order to enforce fundamental rights is set to be heard at the next hearing in the money-laundering case on June 19. On June 20, the trial is scheduled to resume as Gambaryan is still detained at Kuje prison.

Binance is awaiting the Economic and Financial Crimes Commission’s (EFCC) actions to release Tigran, who has been detained for 110 days due to deteriorating physical health, including a recent malaria and pneumonia diagnosis, to allow him to return home.

Morever, On May 23, Gambaryan collapsed in court from malaria, the statement by the family spokesperson said. Since then, the “conditions have worsened, and Tigran now has pneumonia.”

The CEO was taken to the hospital by prison officials 11 days after Justice Emeka Nwite issued an order, according to the spokeswoman. The executive’s family has not yet received the results of the quick examination.

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