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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Apr 04, 2024 06:10 UTC
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Binance Execs Face Trial for Tax Evasion in Nigeria: What Is Their Defense?
Two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, are accused of money laundering and tax evasion in Nigeria.
Binance claims Gambaryan shouldn't be held responsible as his role focuses on compliance, not financial decisions.
Nadeem Anjarwalla is missing from custody, raising questions about his presence at the trial.
Binance, a leading cryptocurrency exchange, is grappling with legal troubles as its executives gear up for court trials in Nigeria. Allegations of money laundering and tax infractions have cast a dark cloud over the company’s operations, drawing heightened scrutiny from regulators.
Lately, it seems like every other day Binance is in trouble once again. So, what is it this time and how could it impact the crypto space? Read on to know more.
Understanding Binance’s Problems
As the trial date for two pivotal figures from Binance, Tigran Gambaryan and Nadeem Anjarwalla, draws near, attention shifts to the Abuja Federal High Court of Nigeria where proceedings are slated to begin on April 4. In an attempt to navigate the legal maze, Binance has issued a statement, shining a spotlight on Gambaryan’s background in law enforcement and his role within the company.
After that, in the statement released, Binance emphasized that Gambaryan should not be held personally responsible for several high financial crime charges ranging from money laundering to tax infractions pressed against him.
Did You Know? SHOCKING! Binance-Linked Crypto Exchange HKVAEX Shuts Down
Charges and Counteractions
The Economic and Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS) have separately filed charges against the embattled executives. The EFCC alleges that Gambaryan and Anjarwalla laundered a substantial sum of $35.4 million, while the FIRS accuses them of tax evasion.
Binance is currently undergoing discussions with Nigerian government officials regarding the matter.
…Here’s Another Twist!
However, the plot thickens with the mysterious absence of Nadeem Anjarwalla from detention, shrouded in secrecy. Speculation swirls around Anjarwalla’s dual citizenship status in the U.K. and Kenya.
Read More About This: Binance Executive Takes Legal Stand Against Nigerian Government
As the trial looms, the burning question remains: Will Anjarwalla make an appearance tomorrow? Only time will tell.
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