Binance Leaders Off the Hook in Nigeria Tax Evasion Case after Legal Shuffle

Today (Friday), Nigeria dropped tax evasion charges againsttwo Binance executives following the appointment of a local representative bythe crypto exchange to handle legal proceedings.

Tigran Gambaryan, a US citizen and Head of Financial Crimes Compliance,and Nadeem Anjarwalla, a British-Kenyan Regional Manager for Africa, had bothdenied the charges.

Binance Awaits Court Decision

Binance clarified that Gambaryan's role did not involvedecision-making for the company, suggesting his detention was unnecessary forresolving issues with the Nigerian government. A spokesperson for Binanceexpressed anticipation for the court's decision to fully dismiss Gambaryan fromthe case.

Gambaryan had been in custody since February, whileAnjarwalla departed Nigeria in March. Nigeria's Federal Inland Revenue Servicesubsequently removed both executives as defendants in the tax evasion matter.

However, Binance and the executives still face separate allegations of moneylaundering, which the company contends should also be dismissed. Both Gambaryanand Anjarwalla have denied these accusations.

Nigeria drops tax charges against Binance executives https://t.co/f3FV3TQIbs pic.twitter.com/tKY8lylodY

Nigeria previously attributed its currency challenges partlyto Binance, as cryptocurrency platforms gained prominence for trading theNigerian naira amid prolonged dollar scarcities and a historic depreciation ofthe national currency.

200 Million Users and $100 Billion in Assets

Binancehas achieved a significant milestone with 200 million users, marking anotable achievement alongside holding $100 billion in user assets under custodythis year, as Finance Magnatesreported. This user base constitutes approximately 36% of the globalcryptocurrency user population, illustrating Binance's rapid growth. In 2023alone, the exchange added 40 million users, followed by another 30 million inthe first half of 2024.

Celebrating this milestone on social media, Binancehighlighted it as a stride towards their ambitious goal of reaching one billionusers globally. The company attributed its success to user support andexpressed gratitude towards its community.

Looking ahead, Binance projects reaching 300 million usersby 2026, buoyed by ongoing industry trends and global cryptocurrency adoption.Despite legal challenges involving its founder, Changpeng "CZ" Zhao,Binance remains resilient, maintaining its stature as the world's leadingcryptocurrency exchange.

View Details

Nigeria Denies Binance's Bribery Allegations amidst Crypto Clash

In a rebuttal against accusations of bribery levelled byBinance Holdings Ltd, Nigeria has refuted claims made by the cryptocurrencyfirm, dismissing them as a diversionary tactic. The West African nation hasbeen involved in a boisterous saga with Binance.

Binance's Allegations of Bribery inNigeria

The rift deepened following a blog post penned by Binance'sChief Executive Officer, Richard Teng, alleging coercive demands for a"secret" payment to resolve issues within Nigeria. Teng's revelationignited a firestorm, casting a shadow over the already strained relationshipbetween Binance and Nigerian authorities.

The alleged bribery attempts purportedly occurred during ameeting between Binance representatives and Nigerian officials in Abuja earlierthis year. Teng claimed that Binance staff were accosted by unidentifiedindividuals post-meeting, soliciting a significant cryptocurrency paymentwithin 48 hours to ostensibly quell criminal allegations.

Binance Says It Was Asked for Secret Payment Over Nigeria Woes.As our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations Binance CEO, Richard Teng.Later that day, Binances pic.twitter.com/exeWlbEF9g

Teng made false allegations of bribery against unidentifiedNigerian government officials who he claimed demanded $150 million incryptocurrency payments to resolve the ongoing criminal investigation againstthe company, the Ministry of Information spokesman Rabiu Ibrahim said. Thisclaim by Binance CEO lacks any iota of substance. It is nothing but adiversionary tactic.

Binance Employee Detained in Nigeria Faces Multiple Charges

Tigran Gambaryan, a Binance employee, remains in custodyfacing charges of tax evasion, currency speculation, and money laundering,following his colleague's escape. The trial for Gambaryan is set to commencethis month, adding fuel to the ongoing legal skirmish.

Binance's entanglement with Nigerian authorities is furthercomplicated by the detention of two of its employees and the subsequent ban onits operations in the country. Despite assurances of safe passage, Gambaryanand his colleague, Nadeem Anjarwalla, found themselves promptly arrested upontheir return to Nigeria in late February.

View Details

Nigerian Court Clears Binance Executive for Trial in Tax Evasion Case

A Nigerian court's ruling today (Friday) has paved the wayfor Binance executive Tigran Gambaryan to stand trial on behalf of thecryptocurrency exchange in an ongoing tax evasion case. Alongside Gambaryan, aUS citizen and Head of Financial Crimes Compliance, British-Kenyan nationalNadeem Anjarwalla, a Regional Manager for Africa, also faces four counts of taxevasion.

In addition to the tax evasion charges, they have beenaccused of laundering over $35 million and engaging in specialized financialactivities without a license. Despite the charges, all parties involved havemaintained their innocence regarding the money laundering accusations.

Concerns over Detentions During Crypto Talks

Following Friday's court hearing, both Binance's lawyer andGambaryan's lawyer declined to offer comments. Gambaryan remains in custody,while Anjarwalla reportedly fled the country in March. Efforts are underway byNigerian authorities, in collaboration with Interpol, to locate and apprehendAnjarwalla.

The CEO of Binance has criticized Nigeria, alleging that thecountry's actions set a dangerous precedent. The executives were initiallyinvited to Nigeria in February for discussions with authorities but weresubsequently detained as part of a broader crackdown on cryptocurrency.

Nigeria Links Currency Woes to Crypto Platforms

Although Binance itself has not been charged in the taxevasion case, Nigeria's Federal Inland Revenue Service has indicatedthat Gambaryan could face charges on the exchange's behalf. Gambaryan's lawyerhas argued that he had no formal role within Binance and no explicitinstructions to represent the company in legal matters.

Judge Emeka Nwite's ruling on Friday determined thatGambaryan should be served with the charges against Binance due to his positionas the chief financial compliance officer and his appointment to represent thecompany during meetings in Nigeria.

Gambaryan is scheduled to appear in court on Wednesday toenter a plea on behalf of Binance. However, his bail application related to themoney laundering case was denied.

Nigeria has attributed its currency challenges partly toBinance, alleging that cryptocurrency platforms contributed to trading theNigerian naira amidst ongoing dollar shortages in the country.

View Details

Binance Re-enters South Africa’s Crypto Futures Market

<p class="MsoNormal">Binance, the world’s largest cryptocurrency exchange, has relaunched crypto futures in South Africa, one of Africa’s largest economies.</p><p class="MsoNormal">The exchange <a href="https://www.binance.com/en/support/announcement/0c7d69f798314a3f950849c03421679b" target="_blank" rel="nofollow">announced</a> that perpetual and delivery futures contracts settled in US dollar-pegged assets (USD?-M) and cryptocurrency (COIN-M) has been made available to its users in the country starting from Monday.</p><p class="MsoNormal">Binance said it has entered a “juristic representative arrangement” with trading services provider FiveWest OTC Desk (Pty) Limited to offer futures contracts to South Africans.</p><p class="MsoNormal">Through this arrangement, Brickhouse Trading Limited, one of Binance’s group of companies, will offer derivatives products to South African users, <a href="https://www.financemagnates.com/tag/binance/" target="_blank">Binance</a> explained.</p><p class="MsoNormal">The exchange, however, pointed out that the type of products it is offering, including product specifics, remains the same with what it was offering before its departure last year.</p><p class="MsoNormal">“Users may still connect into the Binance platform and access the same market-leading liquidity,” Binance added. </p><p class="MsoNormal">Previous Exit from South Africa</p><p class="MsoNormal">Binance's re-entry into South Africa comes almost a year after the crypto exchange <a href="https://www.financemagnates.com/cryptocurrency/news/binance-stops-offering-derivatives-leveraged-tokens-in-south-africa/">ceased offering its crypto futures</a>, options, margins and leveraged tokens to users in South Africa.</p><p class="MsoNormal">Binance pulled out of the country after the Financial Sector Conduct Authority, South Africa’s financial markets regulator, issued a notice saying the Binance Group was not authorized to offer its services in the country.</p><p class="MsoNormal">The exchange’s exit from South Africa follows Binance's similar <a href="https://www.financemagnates.com/cryptocurrency/news/binance-com-to-stop-offering-crypto-trading-services-in-singapore/">cessation of its derivatives services</a> in Australia, Hong Kong, and many European countries as a result of hassles with local regulators.</p><p class="MsoNormal">Meanwhile, Binance was recently <a href="https://www.financemagnates.com/cryptocurrency/a-virtual-free-zone-in-africa-is-being-discussed-with-binance/">in talks with</a> the Nigeria Export Processing Zones Authority and Talent City, a Lagos-based technology hub, to launch a virtual free zone in Africa.</p><p class="MsoNormal">The crypto exchange recently held meetings in Dubai, the United Arab Emirates, with officials from both entities.</p><p class="MsoNormal">Binance Futures Hits $5.90trn in Q2</p><p class="MsoNormal">According to the <a href="https://www.binance.com/en/blog/futures/binance-futures-quarterly-report-q2-2022-5670445909238579513">Binance Futures Quarterly Report: Q2 2022</a>, the exchange surpassed $5.90 trillion in total trading volume in perpetual futures contracts during the second quarter of the year.</p><p class="MsoNormal">Finance Magnates <a href="https://www.financemagnates.com/cryptocurrency/usdt-m-p-contracts-take-9197-as-binance-futures-hits-590trn-in-q2/">reported that</a> Tether-margined (USDT-M) perpetual contracts accounted for 91.97% of the trading volume in the world's largest crypto derivatives exchange during the period.</p><p class="MsoNormal">Average daily volume of USDT-M perpetual contracts stood at $43.52 billion during the quarter.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

View Details

Binance Launches Awareness Tour in Africa as Crypto Activity Skyrockets

The crypto awareness tour in Nigeria, Ghana, Uganda and Cameroon is set to increase financial literacy and provide young Africans with job opportunities in the crypto industry.

Continue reading Binance Launches Awareness Tour in Africa as Crypto Activity Skyrockets at DailyCoin.com.

View Details

Binance Suspends Accounts in Africa, #BinanceStopScamming Becomes a Popular Tweet

Binance Africa said that they’re investigating wrongly suspended accounts and have provided a broad explanation.

Continue reading Binance Suspends Accounts in Africa, #BinanceStopScamming Becomes a Popular Tweet at DailyCoin.com.

View Details

Binance Suspends Accounts in Africa, #BinanceStopScamming Trends on Twitter

Binance Africa said that they’re investigating wrongly suspended accounts and have provided a broad explanation.

Continue reading Binance Suspends Accounts in Africa, #BinanceStopScamming Trends on Twitter at DailyCoin.com.

View Details