In a recent development at the Federal High Court in Abuja, executives of the cryptocurrency exchange platform Binance, Tigran Gambaryan and Nadeem Anjarwalla, have been discharged from ongoing legal proceedings initiated by the Federal Inland Revenue Service (FIRS) over alleged tax evasion. The court's decision followed amended charges filed by FIRS, responding to Binance's appointment of a Nigerian representative, Ayodele Omotilewa.
Initially facing a four-count charge, Gambaryan and Anjarwalla were brought before Justice Emeka Nwite. During Friday's court session, Gambaryan, though without legal representation for Binance, appeared in the dock to hear the charges read against him. His counsel, Chukwuka Ikwazuonu, argued that proper service of the charges had not been made, emphasizing the need for clarity before proceeding with the case.
Moses Ideho, the prosecutor from FIRS, acknowledged the challenge in serving the charges due to difficulties in accessing the defendant in custody. Consequently, the court ordered the charges to be served openly in court, adjourning the arraignment of Gambaryan to June 19.
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Meanwhile, in a separate case presented by the Economic and Financial Crimes Commission (EFCC), Gambaryan was served with charges, yet Binance itself, represented by counsel Mark Mordi, had not been served. Mordi asserted that individual service to each defendant, including the company, was essential for the case to proceed lawfully. The prosecutor contended that Gambaryan, as a senior official of Binance, could represent the company in this instance.
As legal proceedings continue, Gambaryan remains detained at Kuje prison. The case has attracted international attention, with 16 US Members of Congress petitioning President Biden to intervene on behalf of Gambaryan, emphasizing his status as a US citizen and the circumstances of his detention.
The Nigerian government's scrutiny of cryptocurrency exchanges, including allegations of foreign exchange manipulation, has heightened regulatory oversight in the sector. Binance and its executives face additional charges from EFCC related to money laundering and FX violations amidst broader governmental actions against cryptocurrency activities in Nigeria.
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