Binance Executive Detained in Nigeria Amid Tax Evasion Allegations

In a turn of events that underscores the complex interplay between cryptocurrency exchanges and global regulatory frameworks, Tigran Gambaryan, a key figure at Binance and a United States national, finds himself under detention in Nigeria. His apprehension since March marks a critical juncture in the allegations of tax evasion facing the cryptocurrency exchange giant.

Gambaryan, alongside Binance colleague Nadeem Anjarwalla, ventured into Nigeria to address burgeoning concerns over the exchange’s alleged involvement in manipulating the Nigerian fiat currency, the naira. This visit followed accusations leading Binance to announce on March 5 its decision to terminate all transactions in the naira, signaling a strategic withdrawal from the Nigerian market.

Subsequent to this announcement, Nigerian authorities detained Gambaryan and Anjarwalla, levelling against them charges of tax evasion and money laundering. While Gambaryan remains in custody with his case postponed to April 19, as per a Bloomberg report dated April 4, Anjarwalla reportedly managed a daring escape on March 22, successfully fleeing the country.

Amidst this backdrop, Gambaryan’s wife, Yuki Gambaryan, has initiated a petition demanding his return to the United States, a plea that has garnered 1,719 signatures to date. She passionately defends her husband, describing him as “an innocent man” unjustly caught in the crossfire of broader regulatory and legal battles.

In a bid to distance Gambaryan from the operational decisions of Binance in Nigeria, the exchange issued a statement on April 3, emphasizing his lack of “decision-making power within the company.” This statement came amidst silence from Binance in response to media inquiries.

The saga unfolds further with former Binance CEO Changpeng Zhao, who, remaining in the U.S., pleaded guilty to a felony charge as part of a sweeping $4.3-billion settlement. His sentencing is slated for April 30, adding another layer to the complex narrative of cryptocurrency regulation and enforcement.

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