Court releases Binance’s officials from tax evasion charges

On Friday, Tigran Gambaryan and Nadeem Anjarwalla of Binance Holdings Limited were found not guilty of tax evasion by an Abuja Federal High Court.

The Federal Inland Revenue Service, or FIRS, brought the case before the judge.

After the FIRS revised its accusations in response to Binance selecting Ayodele Omotilewa as a representative from Nigeria, this court rendered its decision on Friday.

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On March 22, 2024, the FIRS first brought legal action against Binance and Gambaryan, alleging that they had committed tax evasion. The FIRS revised their complaint on May 17, 2024, claiming that Binance had neglected to collect and return certain taxes, including Company Income Tax and Value Added Tax, as mandated by Section 40 of the FIRS Establishment Act 2007, as modified.

After Omotilewa was named as the company’s representative and Binance and the FIRS verified the appointment, the court decided to dismiss Gambaryan and Anjarwalla.

After this confirmation, Binance was named as the only defendant in the case in additional accusations filed by the FIRS.