Binance Executive’s Tax Evasion Case in Nigeria Faces Postponement, Next Hearing Scheduled for April 19th

Tigran Gambaryan Arrested for Tax Evasion

Tigran Gambaryan, a high-ranking Binance executive in Nigeria, has been apprehended for the act of deliberately avoiding tax payments and is currently being prosecuted, along with the firm, for failing to fulfill specific tax obligations and purportedly assisting customers in evading taxes.

Legal Proceedings Delayed

Justice Emeka Nwite delayed the proceedings after Gambaryan had lately become aware of the charges. Gambaryan’s imprisonment by the EFCC, a separate federal agency, was the cause of the delay in serving the charges.

Allegations Against Binance

The Central Bank Governor has accused Binance of facilitating $26 billion worth of untraceable transactions, hence emphasizing the existing friction between the government and crypto platforms.

Binance’s Defense

Binance has provided a defense for Gambaryan, asserting that he does not possess authority to make decisions within the firm.

Dispute Over Legal Procedures

During the court hearing, there was a dispute on the correct method of serving Binance charges through Gambaryan, with his lawyer contending that required protocols were not adhered to.

Current Status

Gambaryan is currently being held in EFCC custody as the case continues, and the crypto community is closely monitoring the situation.

Market Impact

Despite the legal difficulties, Binance’s BNB crypto has had a 6.5% surge in value, currently trading at $593.

Binance’s Exit from Nigerian Market

A month ago, Binance exchange has said it will leave the Nigerian market and stop all services that use the Nigerian naira (NGN), which is the country’s official currency.

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