Federal Government to Arraign Binance Holdings Limited and Top Officials for Tax Evasion

The Federal Government has slated April 4 for the arraignment of Binance Holdings Limited and its two high-ranking officials, Tigran Gambaryan and Nadeem Anjarwalla, on charges related to tax evasion.

According to reliable sources gathered by the News Agency of Nigeria (NAN) on Thursday, Binance, Gambaryan, and Anjarwalla are set to appear before Justice Emeka Nwite of the Federal High Court (FHC) in Abuja, facing a four-count charge.

Anjarwalla, identified as Binance’s Africa regional manager, is reported to have absconded from custody, fleeing from an Abuja guest house where he and Gambaryan were detained after being escorted to a nearby mosque for prayers during the ongoing Ramadan fast.

Despite the ongoing Easter vacation of the Federal High Court, Justice John Tsoho, the Chief Judge, has directed the transfer of the Binance case file to Justice Nwite, granting him jurisdiction to preside over the matter due to its significant national implications.

The charges against Binance and its officials allege various violations, including failure to register with the Federal Inland Revenue Service (FIRS) for tax purposes, neglecting to issue invoices for value-added taxes (VATs) to subscribers, and aiding subscribers in unlawfully evading taxes.

The affidavit submitted by Mercy Aliyu, a legal officer with FIRS, asserts that investigations have been concluded, with substantial evidence pointing to tax evasion by the accused parties.

The trial is expected to feature several documents, including a tax investigation report on Binance’s activities, statements from involved individuals, and reports detailing the platform’s alleged facilitation of money laundering and terrorism financing.

Previously, Justice Nwite had granted an interim order requiring Binance to provide comprehensive data on Nigerian traders using its platform to the Economic and Financial Crimes Commission (EFCC). The interim order aimed to aid the EFCC in investigating alleged market distortions and financial crimes facilitated by the platform.