Binance is negotiating with the Nigerian authorities to enable the release of Tigran Gambaryan, the Head of its financial crime compliance unit. Gambaryan was arrested in February and is still held at Kuje Correctional Centre. He’s accused by the Economic and Financial Crimes Commission (EFCC) of helping with money laundering.
However, the Federal Government has charged Binance through the Federal Inland Revenue Service (FIRS), in five counts; alleging that the company was enabling tax evasion of its customers who at times avoid paying VAT alongside non-filing of tax returns, non-payment of Company Income Tax (CIT), and aiding customers in evading taxes.
During his speech at the Token2049 Crypto Conference in Dubai, Mr. Richard Teng, CEO of Binance, praised the company’s strides in working with Nigerian law enforcement to address the issue. The Ambassador suggested that “the UK has been in collaboration with the Nigerian police trying to solve the issues which have brought about this crisis.”
Binance’s Regional Markets Head, Vishal Sacheendran, shared his relief and satisfaction, saying, “It’s never happened to us before.” Nigerian administrators have voiced doubts about the alleged bypassing of taxes and violations of anti-money-laundering laws of Binance.
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