Nigeria has dropped tax evasion charges against two Binance executives following the appointment of a local representative by the world’s largest crypto exchange to handle all legal proceedings related to the allegations.
Tigran Gambaryan, head of financial crimes compliance, and Nadeem Anjarwalla, a regional manager for Africa, both denied the tax evasion accusations.
Binance clarified that Gambaryan’s role does not require him to make decisions for the company, hence he should be released from the case.
Gambaryan had been detained since February, while Anjarwalla left Nigeria in March. Although removed from the tax evasion case by Nigeria’s tax authority, both executives, alongside Binance, still face separate charges related to money laundering, which Binance believes should also be dismissed.
Both Gambaryan and Anjarwalla deny these allegations.
Nigeria had previously criticised Binance for contributing to the country’s economic challenges, as cryptocurrency platforms became popular for trading the Nigerian naira amid currency depreciation and dollar shortages.