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Highlights
- Binance executives Tigran Gambaryan and Nadeem Anjarwalla face court trials in Nigeria.
- Accusations include money laundering and tax infractions filed by EFCC and FIRS.
- Binance releases a statement defending its executive, citing background and role in the firm.
Binance, a major player in the cryptocurrency exchange realm, finds itself embroiled in legal turmoil as its executives face impending court trials in Nigeria. With accusations of money laundering and tax infractions looming large, the upcoming legal proceedings have cast a shadow over the platform’s operations.
Notably, amid the anticipation surrounding the trial, Binance has released a statement regarding one of its executives, shedding light on his background and role within the company.
Legal Battles and Executive Charges
As the Abuja Federal High Court gears up to arraign Binance executives Tigran Gambaryan and Nadeem Anjarwalla on Thursday, April 4, the cryptocurrency exchange faces intensified scrutiny. The charges, filed separately by the Economic and Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS), range from money laundering to tax infractions, underscoring the gravity of the allegations against the executives.
Meanwhile, according to reports, the EFCC alleges that Gambaryan and Anjarwalla laundered approximately $35.4 million and engaged in specialized financial activities without a valid license, contravening banking regulations. On the other hand, the FIRS accuses the defendants of failing to register with the agency and pay relevant taxes while offering services on the Binance platform.
Notably, the legal saga between Binance and Nigeria unfolds against the backdrop of a court order mandating Binance to provide comprehensive trading data to the EFCC, citing concerns over money laundering and terrorism financing.
Also Read: Market Maker Amber Group Withdraws 5 Mln ENA From Binance
Binance Releases Defense Statement
In response to the impending legal proceedings, Binance has issued a statement regarding Tigran Gambaryan, one of the accused executives. Gambaryan, an American citizen with a background in law enforcement, is portrayed as a staunch advocate for regulatory compliance and financial transparency in the latest statement.
In addition, the statement highlights Gambaryan’s role in leading investigations into cybercrime and his subsequent appointment to oversee compliance matters at Binance. Despite Gambaryan’s influential position within the company, Binance emphasizes his lack of decision-making authority and requests that he not be held personally responsible amid ongoing discussions with Nigerian government officials.
However, the allegations of money laundering and tax infractions underscore the regulatory challenges confronting the crypto exchange. Meanwhile, Binance’s statement regarding Tigran Gambaryan seeks to provide context to his role within the company, emphasizing his dedication to law enforcement and compliance.
Also Read: Binance Expands Support for BOME, WIF, And 36 Other Crypto For Market Recovery
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