Binance Executive's Tax Evasion Case in Nigeria Adjourned, Hearing Rescheduled for April 19

In a recent update, the court hearing for a Binance executive detained in Nigeria over tax evasion charges has been postponed until April 19, following his initial appearance in court.

Tigran Gambaryan, identified as the head of financial crime compliance at Binance, faces accusations, alongside the company, of multiple charges, including failure to pay value-added tax and corporate income tax, and alleged involvement in assisting customers in evading taxes through the Binance platform.

Adjournment Granted in Gambaryan's Case Amidst Delay in Charges Presentation

During the court session, Justice Emeka Nwite opted to adjourn Gambaryan's case for an extended period after learning that he was only presented with the charges on Thursday for the first time.

The prosecution cited difficulties in serving the charges earlier, claiming that Gambaryan had been in the custody of another federal agency, the Economic and Financial Crimes Commission (EFCC). The charges were ultimately served in court.

Meanwhile, another Binance executive, Nadeem Anjarwalla, holding UK and Kenyan citizenship, departed Nigeria last month after being detained alongside Gambaryan.

The two executives had traveled to Nigeria in late February at the invitation of authorities to meet with officials, amidst government restrictions on cryptocurrency channels aimed at curbing currency speculation.

Cryptocurrency Crackdown: Binance Executives Face Legal Battle in Nigeria

Cryptocurrency popularity among Nigerians has surged amid the devaluation of the naira, prompting governmental crackdowns on platforms offering digital tokens.

In February, Central Bank Governor Olayemi Cardoso alleged that Binance facilitated $26 billion in untraceable transactions shortly before the arrest of the two executives.

Binance, responding to the case before the hearing, asserted that Gambaryan lacked decision-making authority within the company and appealed that he not be held liable. Simultaneously, discussions between Binance and Nigerian government officials were ongoing.

During the court hearing, debates centered on whether Binance could be served charges through its employee, Gambaryan. Gambaryan's legal counsel argued against due process, emphasizing his client's lack of authorization to receive charges on behalf of the company.

In a statement, Gambaryan's defense stressed, "The world is looking at us, let's not treat this matter as a trivial matter." The unfolding case underscores heightened scrutiny on cryptocurrency exchanges, emphasizing the necessity for clear regulatory frameworks and adherence to due process to address concerns regarding tax evasion and financial crimes.

Gambaryan remains in EFCC custody, awaiting further developments in the case, with potential imprisonment looming as a possible outcome.