The Ongoing Saga Between Nigeria and Binance

Recent developments in the ongoing saga between Nigeria and Binance have seen the Federal Inland Revenue Service (FIRS) of Nigeria withdrawing tax evasion charges against Tigran Gambaryan, Binance’s head of financial crime compliance, and Nadeem Anjarwalla, the director for Africa operations. This decision comes after a series of events that unfolded, including Anjarwalla escaping from the custody of the Economic and Financial Crimes Commission (EFCC). These charges were initially filed in late March, accusing Binance of tax evasion, with Gambaryan and Anjarwalla named as defendants.

Anjarwalla’s escape from custody during the Ramadan fast added another layer to the already complicated situation. Prior to his escape, both Anjarwalla and Gambaryan had been detained in a heavily guarded guest house since February, after coming to Nigeria for talks with the government. Anjarwalla’s escape prompted authorities to move Gambaryan to the Kuje prison in Abuja, where he remains detained. With the withdrawal of tax evasion charges against the executives, Binance is now the sole defendant in the case.

The tax evasion charges against Binance and its executives included failure to register with the FIRS for tax payments, failure to deduct value-added taxes (VATs) from crypto trades, and aiding users to neglect their tax obligations. The saga began amidst a devaluation of the naira against the dollar, with Nigeria accusing Binance of contributing to the forex crisis through market manipulation and currency speculation. The situation escalated when Nigerian officials allegedly demanded a $150 million bribe to settle criminal charges, leading to accusations of blackmail and diversionary tactics.

The ongoing saga has attracted international attention, with U.S. lawmakers calling for the release of the detained Binance executive due to concerns about his failing health. This adds another layer of complexity to the diplomatic and legal challenges faced by both Binance and Nigeria. As the situation continues to evolve, the future remains uncertain for all parties involved.