FG Drops Tax Charges Against Binance Executive

The Federal Inland Revenue Service (FIRS) has officially dropped tax charges against Tigran Gambaryan, Binance’s Head of Financial Crime Compliance. The charges were dismissed on June 14.

Dare Adekanmbi, the FIRS spokesperson, confirmed the development, stating that the federal government is dropping charges against the two individuals sued along with Binance. “Please note that the charges are being dropped against the second and the third defendants in the matter,” he said.

In a statement released on Friday, Binance expressed relief over the decision, emphasizing that the move illustrates Gambaryan is not a decision-maker at the cryptocurrency firm. “We are relieved that the FIRS has served and filed amended charges today, resulting in tax charges against Tigran Gambaryan being dropped,” the statement read. Binance reiterated its commitment to resolving issues with the Nigerian government transparently and cooperatively.

Gambaryan and Nadeem Anjarwalla, Binance’s regional manager for Africa, were detained by Nigerian authorities on February 28. Although Anjarwalla escaped from the custody of the Office of the National Security Adviser (ONSA), both executives, along with Binance, were charged by the federal government for tax evasion and money laundering.

On March 25, FIRS filed a criminal charge against Binance for “tax evasion” to uphold fiscal responsibility and safeguard the country’s economic integrity. The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, implicated Binance in a four-count tax evasion accusation. An amended charge was filed on May 17 against Binance Holdings Limited and Gambaryan on alleged tax evasion.

The matter attracted attention from lawmakers in the United States, who accused the Nigerian government of taking Gambaryan “hostage.” In response, the federal government insisted that due processes were being applied in the ongoing trial of Binance.

Binance commended FIRS for their diligence and professionalism throughout the process, stating that the situation unequivocally demonstrates its commitment to cooperating with the government. The company awaits the court’s ruling to discharge Gambaryan from the matter completely.