Binance, the largest crypto exchange, has expressed relief after the Federal High Court in Abuja cleared Tigran Gambaryan, an American executive, of tax evasion charges filed by the Federal Inland Revenue Service (FIRS). The court’s decision came after FIRS submitted amended charges that dropped the tax evasion allegations against Gambaryan and his colleague, Nadeem Anjarwalla, who is currently in Kenya.
Binance welcomed the development, stating that it illustrates Gambaryan’s non-involvement in decision-making at the company. The exchange called on the Economic and Financial Crimes Commission (EFCC) to take similar steps, allowing Gambaryan to return home to his family. Gambaryan has been detained for 110 days, diagnosed with malaria and pneumonia, and Binance emphasized his deteriorating health.
The company commended FIRS for their professionalism and reiterated its commitment to resolving the issue with the government transparently. The next hearing is scheduled for June 19, and the EFCC trial will continue on June 20. Despite a court order, Gambaryan’s health conditions have worsened, and he was only recently taken for a brief check-up after 11 days.
The case has gained international attention, with 16 US Members of Congress urging President Biden to secure Gambaryan’s release, citing his wrongful detention by a foreign government. The Federal Government had accused Binance of manipulating foreign exchange rates, leading to increased scrutiny of crypto trading platforms. The EFCC is also prosecuting Binance and its executives on charges of alleged money laundering and foreign exchange violations.