Binance Leaders Off the Hook in Nigeria Tax Evasion Case after Legal Shuffle

Today (Friday), Nigeria dropped tax evasion charges against
two Binance executives following the appointment of a local representative by
the crypto exchange to handle legal proceedings.

Tigran Gambaryan, a US citizen and Head of Financial Crimes Compliance,
and Nadeem Anjarwalla, a British-Kenyan Regional Manager for Africa, had both
denied the charges.

Binance Awaits Court Decision

Binance clarified that Gambaryan’s role did not involve
decision-making for the company, suggesting his detention was unnecessary for
resolving issues with the Nigerian government. A spokesperson for Binance
expressed anticipation for the court’s decision to fully dismiss Gambaryan from
the case.

Gambaryan had been in custody since February, while
Anjarwalla departed Nigeria in March. Nigeria’s Federal Inland Revenue Service
subsequently removed both executives as defendants in the tax evasion matter.

However, Binance and the executives still face separate allegations of money
laundering, which the company contends should also be dismissed. Both Gambaryan
and Anjarwalla have denied these accusations.

Nigeria drops tax charges against Binance executives https://t.co/f3FV3TQIbs pic.twitter.com/tKY8lylodY

— Reuters (@Reuters) June 14, 2024

Nigeria previously attributed its currency challenges partly
to Binance, as cryptocurrency platforms gained prominence for trading the
Nigerian naira amid prolonged dollar scarcities and a historic depreciation of
the national currency.

200 Million Users and $100 Billion in Assets

Binance
has achieved a significant milestone with 200 million users, marking a
notable achievement alongside holding $100 billion in user assets under custody
this year, as Finance Magnates
reported. This user base constitutes approximately 36% of the global
cryptocurrency user population, illustrating Binance’s rapid growth. In 2023
alone, the exchange added 40 million users, followed by another 30 million in
the first half of 2024.

Celebrating this milestone on social media, Binance
highlighted it as a stride towards their ambitious goal of reaching one billion
users globally. The company attributed its success to user support and
expressed gratitude towards its community.

Looking ahead, Binance projects reaching 300 million users
by 2026, buoyed by ongoing industry trends and global cryptocurrency adoption.
Despite legal challenges involving its founder, Changpeng “CZ” Zhao,
Binance remains resilient, maintaining its stature as the world’s leading
cryptocurrency exchange.

This article was written by Tareq Sikder at www.financemagnates.com.
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