…Nigeria Adjourns Binance Money Laundering Case to Oct. 11
Nigeria accuses Binance of four tax evasion charges. The charges include failure to pay tax, which the Federal Inland Revenue Service (FIRS) claims it was not informed of.
Apart from this, Binance has also been charged with money laundering by the Nigerian authorities along with its two officials Tigran Gambaryan and Nadeem Anjarwalla. Tigran Gambaryan, Binance financial crimes compliance head is a US citizen. Nadeem Anjarwalla On the other hand, is positioned as British Kenyan regional manager for Africa.
Both these executives have been acquitted of the tax evasion charges on 14 June by the court. But the money laundering charges against them is still an ongoing litigation.
Both Gambaryan, who has been in Nigerian custody since February and Anjarwala-who fled the country shortly after being contacted with details of these allegations by Reuters– have denied any wrongdoing. They have been charged with laundering over $35 million and providing onshore ‘money services businesses’ without a licence.
Binance executives conversed with Nigerian officials in January. Binance CEO Richard Teng informed and the Nigerian officials had an extra meeting on February 26th. The Nigerian officials called the Binance problem a “national security issue” and demanded that Naira currency be removed from all Binance (Network) trading. In addition, the Federal Government wanted to know more details about all Nigerian users of Binance.
While in a Nigerian jail, Gambaryan allegedly became sick with malaria and pneumonia. His lawyers asked the judge to release Gambaryan so he could receive proper medical care, but the prosecutor handling the case at that hearing said there had been no records of his prior health conditions brought before him. The trial has been on hold since May for Gambaryan’s health reasons.
The court earlier had directed the hospital to produce his medical reports but the director of Godfrey Hospital failed to accede to the request. The director has however been issued a bench arrest warrant from the Judge. The authorities in Nigeria blame Binance for the crisis that’s befallen their national currency – The Naira.
Well, it remains to be seen who will come out on top in this legal battle – Binance or the Nigerian authorities. One thing we can all be sure of is that the court’s decision will decide not just Binance fate but also to a large extent, how cryptocurrency activities may look like in Nigeria going forward.
One Response