Key Takeaways:
- Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, is detained by Nigerian authorities on charges of tax evasion, with Binance arguing he should not be held responsible due to his lack of decision-making power.
- Nadeem Anjarwalla, Binance’s Regional Manager for Africa, has reportedly fled from custody after both were charged, leading to a legal battle claiming infringement of human rights.
- In response to accusations from the Nigerian government, including illegal operations and manipulating the Nigerian naira’s exchange rate, Binance has decided to stop offering services tied to the naira.
Binance has communicated that Tigran Gambaryan, the Head of Financial Crime Compliance, currently detained by Nigerian authorities, should not be held accountable amidst ongoing dialogues with the country’s government officials.
This comes as Gambaryan, along with Nadeem Anjarwalla, Binance’s Regional Manager for Africa, faces accusations of tax evasion in Nigeria.
Don't hold Tigran Gambaryan responsible for our operations in Nigeria — Binance tells Nigeria. pic.twitter.com/X54gjzrwtJ
— YabaLeftOnline (@yabaleftonline) April 3, 2024
The arrest took place in February, with Nigerian authorities detaining both executives and subsequently levying tax evasion charges against them and Binance.
Despite the allegations, Binance has asserted in a recent statement that Gambaryan, who has been specifically targeted by these charges, does not possess any decision-making authority within the organization and therefore should not bear responsibility in the continuing negotiations with Nigerian officials.
Nigeria 'Working With' Interpol to Extradite Binance Exec Who Escaped Detention: Report
— Decrypt (@decryptmedia) April 3, 2024
► https://t.co/TlU2xE8RRS https://t.co/TlU2xE8RRS
In a dramatic turn of events, Anjarwalla reportedly managed to flee from custody in March, around the same time the Nigerian tax authority formally charged Binance and the executives with tax evasion.
In response, Gambaryan and Anjarwalla have launched a legal battle in Abuja’s Federal High Court, claiming their human rights were infringed upon.
BINANCE FACES MORE CHARGES IN NIGERIA AND URGES RELEASE OF EXEC HELD CAPTIVE
— BSCN (@BSCNews) April 3, 2024
– As the Nigeria vs @Binance saga continues, the exchange finds itself facing more charges from the country, as reported by WSJ.
– The news comes at almost the same time that #Binance issued a… https://t.co/00lPPk9QSQ pic.twitter.com/EdnDvxnypY
The saga has attracted considerable media attention, with reports indicating that the court is set to formally charge the two executives on April 4, albeit with Anjarwalla being tried in absentia.
Amidst these developments, Binance has issued a plea for Gambaryan’s exoneration from responsibility in the ongoing discussions, citing his lack of decision-making power within the company.
BREAKING: Man held in Nigeria not part of our company’s management team – Binance reveals https://t.co/CHJbvk9tnD via @politicsngr
— Nigeria Newsdesk (@NigeriaNewsdesk) April 3, 2024
Further complicating matters, the Nigerian government has accused Binance of illegal operations within its jurisdiction and of manipulating the exchange rate of the Nigerian naira.
In response to these accusations, Binance announced it would cease offering services tied to the naira.
Binance absolves detained Executive of involvement in Nigeria issueshttps://t.co/u83LZNcyYv
— Vanguard Newspapers (@vanguardngrnews) April 3, 2024
This situation highlights the complex and often contentious relationship between cryptocurrency exchanges and regulatory authorities worldwide, underscoring the challenges companies like Binance face in navigating the regulatory landscapes of different countries.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
With a knack for engaging storytelling and strategic content creation, Fleming is dedicated to educating and inspiring his audience with insightful analysis on cryptocurrencies, NFTs, and the future of digital finance.
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