Tax Charges Lifted for Binance Executives in Nigeria

Nigerian authorities have withdrawn tax charges against two executives from Binance, the world's leading cryptocurrency exchange, as reported by Reuters. This move comes after Binance appointed a local representative to deal with legal matters in the country.

Binance and its executives Tigran Gambaryan a US citizen and head of financial compliance, and Nadeem Anjarwalla, a British-Kenyan national and regional manager for Africa, have all denied tax evasion charges. Gambaryan has been detained since February, while Anjarwalla left Nigeria in March.

Nigeria's Federal Inland Revenue Service removed the two executives as defendants in the tax evasion case, but along with Binance, they still face separate money laundering charges.

The court decision showed that Gambaryan was "not a decision-maker at Binance and does not need to be held in order for Binance to resolve issues with the Nigerian government," Binance stated. Binance awaits a full dismissal of the case for Gambaryan.

These developments come amidst tensions between Nigeria and Binance. Nigeria blames cryptocurrency platforms like Binance for the decline of their national currency, the naira. As Nigeria struggles with a dollar shortage, citizens have turned to crypto exchanges to trade their naira, leading to a drop in its value.

Despite the dropped tax charges, Binance maintains its innocence on all accusations, including money laundering. They hope the remaining charges will also be dismissed.