The Federal High Court in Abuja has acquitted Binance executives Tigran Gambaryan and Nadeem Anjarwalla of tax evasion charges, bringing relief to the cryptocurrency exchange platform. The charges, initially filed by the Federal Inland Revenue Service (FIRS) on March 22, 2024, accused Binance and Gambaryan of evading taxes.
The court’s decision came on Friday after the FIRS submitted amended charges, effectively dropping the allegations against Gambaryan and Anjarwalla, who had fled to Kenya. This move coincided with Binance’s announcement of appointing Ayodele Omotilewa as a Nigerian representative to oversee local operations.
Expressing relief over the court’s decision, Binance stated, “We are relieved that the Federal Inland Revenue Service (FIRS) 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 platform also urged the Economic and Financial Crimes Commission (EFCC) to follow suit, highlighting Gambaryan’s deteriorating health after 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,” the statement added.
The next court hearing, set for June 19, 2024, will address the application for the enforcement of fundamental rights.
