Nigerian Court Clears Tigran Gambaryan and Nadeem Anjarwalla in FIRS Tax Evasion Case Against Binance
In a significant development, the Federal High Court of Nigeria has discharged Tigran Gambaryan and Nadeem Anjarwalla from the FIRS tax evasion case involving Binance. This decision follows the appointment of Ayodele Omotilewa as Binance’s Nigerian representative.
The court struck out the charges against Gambaryan and Anjarwalla after the Federal Inland Revenue Service (FIRS) and Binance confirmed Omotilewa’s appointment. Consequently, the FIRS has filed a fresh charge listing Binance as the sole defendant in the case.
The Case Against Binance
The FIRS’s case against Binance involves serious allegations of failing to collect and remit taxes, including Value Added Tax (VAT) and Corporate Income Tax (CIT), from its operations in Nigeria. These allegations have significant implications for Binance’s business operations in the country and its compliance with local tax regulations.
Next Steps in the Proceedings
The court has adjourned further proceedings to July 12. On this date, the plea will be heard, and discussions will take place regarding whether Ayodele Omotilewa, the newly appointed Nigerian representative, should be required to stand in the dock. This upcoming session will be crucial in determining the direction of the case and Binance’s accountability under Nigerian tax law.
Implications for Binance and the Cryptocurrency Industry
This case underscores the increasing scrutiny that cryptocurrency exchanges like Binance are facing from regulators worldwide. The outcome could set a precedent for how tax regulations are enforced on digital currency platforms in Nigeria and possibly influence regulatory approaches in other jurisdictions.