Binance Holdings Ltd. executive Tigran Gambaryan has been detained in Nigeria for more than a month, facing tax evasion charges, according to Bloomberg. The case was brought to court recently but was postponed until April 19, and Gambaryan will remain in custody of Nigeria's Economic and Financial Crimes Commission (EFCC) until further notice.

Nigeria accuses Binance of tax evasion

Gambaryan leads Binance’s financial crime compliance efforts, and now Binance is facing serious allegations in Nigeria.

The charges include failure to pay value-added tax (VAT) and corporate income tax, as well as allegations of assisting clients in tax evasion through Binance. The legal dispute foreshadows difficult times for the company in Nigeria, which recently tightened controls on cryptocurrency trading in response to growing concerns about currency speculation.

(Binance shakes the country’s foundation? Nigeria asks for $10 billion in compensation: Binance devalued the country’s currency by 70%)

Delays and escapes: Courtroom drama intensifies

Justice Emeka Nwite decided to adjourn the hearing on the company until April 8. The plot was further complicated by news that another Binance executive, Nadeem Anjarwalla, who was detained alongside Gambaryan, made a dramatic escape from the West African country last month. The duo traveled to Nigeria in late February, initially at an official invitation to hold discussions with authorities, but things took a turn for the worse and they found themselves in legal trouble.

(The regulatory dispute in Nigeria spreads, and foreign media claim that Binance executives have fled the country)

Binance’s stance: Seeking fair treatment

On the eve of the hearing, Binance issued a statement on X arguing that Gambaryan should not be held responsible for company decisions and calling for his release amid ongoing discussions with Nigerian officials.

With the case postponed until mid-April, the cryptocurrency community is closely watching the outcome, which could change the landscape of the cryptocurrency industry on the continent.

#Binance respectfully requests that Tigran Gambaryan, who has no decision-making power in the company, is not held responsible while current discussions are ongoing between Binance and Nigerian government officials.#BringTigranHome

Read more https://t.co/tE3GPN6VOZ

— Binance (@binance) April 3, 2024

This article Nigeria accuses Binance of tax evasion, detaining executives and postpones trial until mid-April first appeared on Chain News ABMedia.