A Federal High Court in Abuja has discharged the two executives of Binance over alleged tax invasion. On March 25, the Federal Inland Revenue Service (FIRS) filed a criminal charge against Binance for “tax evasion”.
According to the revenue body, the move was to uphold fiscal responsibility and safeguard the economic integrity of the country. The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, was said to “implicate Binance with a four-count tax evasion accusation”.
However, the court was said to have discharged the two suspects on June 14, after the FIRS confirmed the appointment of Ayodele Omotilewa as the firm’s representative — with the agency filing a fresh charge listing the exchange as the sole defendant.
Subsequently, the FIRS revealed that it is dropping the tax charges against Tigran Gambaryan, Binance’s head of financial crime compliance.
Confirming the development, Dare Adekanmbi, the agency’s spokesperson, said the federal government “is dropping charges against the two individuals sued along with the cryptocurrency firm, Binance”.
“Please note that the charges are being dropped against the second and the third defendants in the matter,” he added.
Reacting to the development on Friday, Binance said it points to the fact that Gambaryan is not a decision-maker at the cryptocurrency firm.
“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,” the statement reads.
“Further illustrating 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.”
Binance also commended the FIRS for their diligence and professionalism throughout this process.
Gambaryan and Nadeem Anjarwalla, Binance’s regional manager for Africa, were detained by the Nigerian authorities on February 28.
Although Anjarwalla escaped from the custody of the Office of the National Security Adviser (ONSA), both executives, alongside Binance, were charged by the federal government for tax evasion and money laundering.
