Binance Executive, Gambaryan, Appears in Nigerian High Court for Arraignment on ‘Tax Evasion’ Charges

Today, Tigran Gambaryan, the head of financial crime compliance at Binance Holdings Limited, appeared before the Federal High Court in Abuja for his arraignment on charges related to tax evasion and money laundering, Aso Naija Reports.

The Nigerian government also intends to arraign Nadeem Anjarwalla, another official from Binance, who had previously escaped from Nigerian authorities’ custody two weeks ago.

During the court proceedings, the charges were read out, and the defendants (Tigran Gambaryan and others) were expected to enter their pleas.

The allegations against them primarily revolve around their failure to register with the Federal Inland Revenue Service (FIRS) and pay the appropriate taxes associated with the services provided on Binance’s platform.

Specifically, the defendants are accused of neglecting to register with the FIRS and pay taxes while offering services to subscribers on the Binance platform.

Additionally, they are charged with the failure to issue invoices for assessing and paying value-added taxes (VATs) related to the taxable services provided to subscribers on the trading platform.

The defendants are also accused of not deducting VATs in connection with their services involving the buying, selling, remittance, and transfer of cryptocurrencies on the platform.

Lastly, they face charges for allegedly aiding and abetting subscribers on the trading platform in evading taxes.

The violations described in the charges are punishable under various sections of Nigerian tax legislation, including Sections 8 and 29 of the VAT Act of 1993 (as amended), Section 40 of the FIRS Establishment Act of 2007 (as amended), and Section 94 of the Companies Income Tax Act (as amended).