The Nigerian government has recently taken action against Binance, a global cryptocurrency exchange, by filing new tax evasion charges at the Federal High Court in Abuja. The charges include alleged non-payment of Value-Added Tax (VAT), company income tax, failure to submit tax returns, and complicity in aiding customers to evade taxes through its platform. This move has put Binance and two senior executives, Tigran Gambaryan and Nadeem Anjarwalla, in a difficult situation.
Reports have surfaced that Nadeem Anjarwalla managed to escape from custody, adding even more complexity to the situation. The news of his escape has raised concerns about the safety of Binance employees and has prompted discussions with Interpol to secure an international arrest warrant for Anjarwalla. The families of the detained executives have expressed distress over the situation and are calling for their safe return.
The families of Gambaryan and Anjarwalla have been deeply affected by the detainment of their loved ones. Anjarwalla’s wife, Elahe, expressed her heartbreak at the prospect of him missing their son’s first birthday and pleaded with Nigerian authorities to allow them to return home. Similarly, Gambaryan’s wife, Yuki, struggled with explaining her husband’s absence to their children and emphasized his contributions to law enforcement and cryptocurrency safety.
Nigeria’s concerns about Binance’s operations go beyond tax evasion and extend to issues with the country’s local currency. The naira has experienced a significant decline in value, prompting locals to turn to cryptocurrencies for financial security. The government has accused Binance of jeopardizing the local currency by allowing speculative trading and alleged money laundering on its platform.
In response to the accusations and legal challenges in Nigeria, Binance has made the decision to shut down its peer-to-peer trading platform in the country. This move indicates a willingness to address concerns raised by the Nigerian government and potentially avoid further legal repercussions. However, the impact of these actions on Binance’s reputation and operations remains to be seen.
The tax evasion charges and escape of an executive have created a challenging situation for Binance in Nigeria. The company’s response to these developments and the ongoing legal proceedings will shape its future in the country and globally. As regulatory scrutiny of cryptocurrency exchanges increases, Binance must navigate these challenges carefully to maintain its position in the market and uphold its reputation in the industry.
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