June 5, 2024
Latest Cryptocurrency News

Binance Executive Absent in Court for Tax Evasion Case

The Nigerian Federal Inland Revenue Service (FIRS) has leveled accusations against the Nigerian Correctional Service, alleging their failure to present Binance executive Tigran Gambaryan at the Federal High Court in Abuja for his tax evasion case.

Gambaryan’s Absence Raises Eyebrows

Gambaryan, facing charges of tax evasion, failed to appear in court on May 22 for arraignment, prompting concerns from the prosecution counsel, Moses Idehu. Despite expectations of Gambaryan’s presence following his custody, officials at the correctional center remained unresponsive, complicating proceedings.

Legal Maneuvers and Adjournments

In response to Gambaryan’s absence, the prosecution sought a temporary adjournment of the case to resolve the issue.

However, Judge Emeka Nwite postponed Gambaryan’s arraignment to June 14, citing procedural delays. Legal representatives for Binance expressed dissatisfaction with the prosecution’s handling of the matter.

Binance Executive’s Ongoing Legal Battles and Charges

Binance Executive, Tiger Gambaryan’s legal team seized the opportunity to request the removal of co-defendant Nadeem Anjarwalla’s name from the charges, as he is currently “at large.” The FIRS lawyer consented to this request.

Gambaryan’s legal woes began in April 2024 when he was transferred to the Kuje Correctional Centre after pleading not guilty to money laundering charges. Denied bail, he remains in custody.

In March, the FIRS filed tax evasion charges against Binance and its executives, including Gambaryan and Anjarwalla. The charges were related to alleged infractions such as failure to register and pay taxes.

The Nigerian government has intensified scrutiny of cryptocurrency exchanges, accusing them of manipulating foreign exchange rates.

Gambaryan’s detention underscores the escalating legal battles between Nigerian authorities and Binance, a prominent player in the cryptocurrency sphere.

As the case unfolds, it highlights the intersection of regulatory challenges and the burgeoning crypto landscape in Nigeria.

Image by Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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