Tigran Gambaryan and Nadeem Anjarwalla of Binance Holdings Limited were cleared of tax evasion by the Abuja Federal High Court on Friday.
The Federal Inland Revenue Service (FIRS) filed the complaint before the court.
This court issued the verdict on Friday, after the FIRS modified its allegations in response to Binance’s appointment of a Nigerian representative, Ayodele Omotilewa.
On March 22, 2024, the FIRS initiated legal procedures against Binance and Gambaryan, charging them with tax evasion. On May 17, 2024, the FIRS revised their complaint, claiming that Binance failed to collect and return various taxes, including Value Added Tax and Company Income Tax, as required by Section 40 of the FIRS Establishment Act 2007, as modified.
The court’s decision to release Gambaryan and Anjarwalla came after Binance and the FIRS verified Omotilewa’s appointment as the company’s agent.Following this confirmation, the FIRS filed further accusations, naming Binance as the lone defendant in the case.
