Binance executives face legal battles in Nigeria over money laundering and tax charges, prompting a defense statement from the exchange.
Binance, a prominent entity in the domain of cryptocurrency exchanges, is currently entangled in legal commotion due to pending judicial proceedings in Nigeria against its executives.
Due to impending legal proceedings concerning allegations of money laundering and tax violations, the platform’s operations have been significantly disrupted.
Significantly, amid the apprehension surrounding the trial, Binance has issued a statement elucidating the background and function of one of its executives.
In anticipation of the arraignment of Binance executives Tigran Gambaryan and Nadeem Anjarwalla by the Abuja Federal High Court on Thursday, April 4, the cryptocurrency exchange is subject to heightened scrutiny.
The economic and financial crimes commission (EFCC) and the federal inland revenue service (FIRS) have lodged separate charges against the executives, including money laundering and tax violations. This underscores the seriousness of the allegations.
In the interim, reports indicate that the EFCC has levied charges against Gambaryan and Anjarwalla, charging them around $35.4 million for laundering and engaging in specialized financial activities that violate banking regulations without a valid license.
On the other hand, the defendants are charged by the FIRS with neglecting to register with the agency and pay applicable taxes while providing services on the Binance platform.
Significantly, the legal dispute between Binance and Nigeria transpires in the context of a court order that compels Binance to furnish the EFCC with exhaustive trading information on the grounds of apprehensions regarding the financing of terrorism and money laundering.
Binance Issues A Statement of Defense
In light of the forthcoming legal proceedings, Binance has issued a statement concerning one of the executives implicated, Tigran Gambaryan. In his most recent statement, Gambaryan, an American citizen with experience in law enforcement, is described as an ardent supporter of regulatory compliance and financial transparency.
Furthermore, the statement emphasizes Gambaryan’s participation in spearheading cybercrime investigations and his subsequent designation as Binance’s compliance chief.
Notwithstanding Gambaryan’s prominent status within the organization, Binance underscores his dearth of decision-making power and requests that he not be held personally liable in ongoing deliberations with Nigerian government representatives.
Nonetheless, the claims of illicit financial transactions and tax evasion highlight the regulatory obstacles the cryptocurrency exchange must face. In the interim, Binance issued a statement about Tigran Gambaryan that emphasizes his commitment to law enforcement and compliance while providing context for his position within the organi
