Court Dismisses Tax Evasion Charges Against Binance Executives Gambaryan and Nadeem

Justice Emeka Nwite of the Federal High Court has cleared Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, of tax evasion charges filed by the Federal Inland Revenue Service (FIRS).

The court’s decision came after the FIRS submitted a new set of amended charges, following Binance’s appointment of a Nigerian representative named Ayodele Omotilewa.

Initially, the FIRS had filed legal proceedings against Binance, Gambaryan, and Nadeem on March 22, 2024, accusing them of tax evasion. The updated lawsuit claimed that Binance and Gambaryan failed to collect and remit various taxes as required by law.

During the proceedings, Binance’s legal counsel announced the appointment of Omotilewa as the Nigerian representative, leading the FIRS to drop the case against Gambaryan and Nadeem.

The new charges against Binance alleged that the platform offered services to Nigerians without deducting necessary Value Added Taxes (VAT), among other tax-related offenses.

A debate arose in court about whether Binance’s representative should take the stand and enter a plea on behalf of the corporation. The defense argued that Nigerian law does not require corporate representatives to do so.

Ultimately, the judge removed the previous charges and the names of Gambaryan and Nadeem from the case, deciding that the case would proceed against Binance alone.

The court adjourned the case to July 12th for a plea and instructed both parties to submit written arguments on whether the representative needs to be present in the dock.