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Abuja court discharges Tigran Gambaryan, and Nadeem Anjarwalla from Binance tax evasion case after FIRS amends charges, appoints Nigerian representative.

In a significant legal development, an Abuja Federal High Court has discharged Tigran Gambaryan and Nadeem Anjarwalla from the tax evasion case brought against Binance Holdings Limited by the Federal Inland Revenue Service (FIRS). The court's ruling comes after the FIRS amended its charges in response to Binance appointing Ayodele Omotilewa as its Nigerian representative.

The FIRS initially filed legal proceedings against Binance and Gambaryan on March 22, 2024, accusing them of tax evasion. On May 17, 2024, the FIRS amended its lawsuit, alleging that Binance failed to collect and remit various taxes, particularly Value Added Tax (VAT) and Company Income Tax, as required by Section 40 of the FIRS Establishment Act 2007, as amended.

However, with Binance confirming the appointment of Omotilewa as its representative in Nigeria, the FIRS filed new charges listing Binance as the sole defendant in the case. This development led the court to discharge Gambaryan and Anjarwalla from the proceedings.

The court's decision has significant implications for Binance's legal standing and ongoing operations in Nigeria. While the crypto exchange remains a defendant in the case, the discharge of its former representatives indicates a potential shift in the FIRS's strategy and the recognition of Binance's efforts to comply with local regulations.

Legal experts and industry analysts have lauded the court's ruling as a positive step towards creating a more conducive regulatory environment for cryptocurrency businesses in Nigeria. However, they also emphasize the need for clear and comprehensive guidelines to govern the operations of crypto exchanges and ensure compliance with relevant tax laws.