Legal Troubles Mount for Binance Executives: Tax Evasion Charges Added to Detention Woes
Binance, one of the world’s largest cryptocurrency exchanges, is facing mounting legal troubles as two of its top executives are embroiled in a money laundering scandal in Nigeria. The company’s head of financial crime compliance, Tigran Gambaryan, and regional manager for Africa, Nadeem Anjarwalla, have been accused of laundering over $35 million.
Gambaryan is currently detained in Nigeria, while Anjarwalla fled the country but has been located in Kenya. Nigerian authorities, in collaboration with the Kenyan government and INTERPOL, are working towards Anjarwalla’s extradition to Nigeria to face the charges against him.
Binance CEO Richard Teng has confirmed the company’s cooperation with Nigerian authorities in resolving the matter. The company’s head of regional markets, Vishal Sacheendran, acknowledged the arrests as unprecedented but declined to comment on the charges against the company itself.
In addition to the money laundering charges, Binance and its executives are also facing tax evasion charges brought by Nigeria’s Federal Inland Revenue Service. The legal proceedings have raised concerns within the cryptocurrency community about the implications for Binance’s operations in Nigeria and beyond.
As the cases against Binance’s executives unfold, the cryptocurrency community eagerly awaits further updates on the outcome and the potential impact on the company’s future. Binance’s native token, BNB, is currently trading at $556, showing a slight 1% increase over the past 24 hours amidst the legal turmoil.
