In a high-stakes legal battle, a Nigerian court is set to deliver its verdict on October 11, 2024, regarding the alleged tax evasion by cryptocurrency exchange Binance. This case marks a significant development in Nigeria’s crackdown on financial misconduct within the burgeoning digital asset industry.
The proceedings have drawn widespread attention, partly due to the dramatic developments involving Binance executives. Nadeem Anjarwalla, Binance’s Africa regional manager, and Tigran Gambaryan, head of Binance’s criminal investigations, were detained in Abuja earlier this year. Anjarwalla notably escaped custody in March, reportedly using a Kenyan passport to flee the country, despite his British passport being held by Nigerian authorities.
Gambaryan remains in custody, having pleaded not guilty to multiple charges of money laundering and tax evasion. His case has been adjourned multiple times, with the latest hearings focusing on procedural issues and access to critical documents.
The charges against Binance and its executives underscore a broader scrutiny of the exchange’s operations in Nigeria, with allegations that it manipulated the local fiat currency, the naira, and facilitated significant money laundering activities. Binance has denied these allegations, emphasizing that Gambaryan had no decision-making power over its business activities in Nigeria.
As the October 11 verdict approaches, the case highlights the increasing regulatory pressures faced by cryptocurrency exchanges worldwide and the critical importance of compliance in international operations.
