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Binance executive flees from Nigerian custody as authorities charge new taxes

One of the two Binance executives held in Nigeria has escaped custody, but the Nigerian government has filed new tax evasion charges against the global cryptocurrency exchange.

The Federal Inland Revenue Service (FIRS) of Nigeria announced on Monday that four new charges of tax evasion have been filed at the Federal High Court in Abuja. Several local media reported.

According to reports, Binance is being charged with failure to pay value-added tax (VAT) and corporate income tax, failure to file tax returns, and conspiracy to assist customers in tax evasion through its platform.

Two other senior executives from the company, American national Tigran Gambariyan and British-Kenyan Nadeem Anjarwala, were also charged and detained by Nigerian authorities.

Reports surfaced over the weekend that Anjarwala had fled the Abuja guest house where the two were being held on Friday.

A Binance spokesperson told CNBC: “We have been informed that Mr. Nadeem is no longer in custody in Nigeria. The safety of our employees continues to be our top priority, and we are working hard to quickly resolve this matter. “We are cooperating with the Nigerian authorities.”

Reuters reported, citing Nigeria's national security adviser, that Nigeria is in talks with Interpol to secure an international arrest warrant for Anjarwala. The National Security Agency did not respond to CNBC's request for comment.

Binance staff detained in Nigeria over claims that crypto investments are devaluing the country's currency

The families of the two employees declined to comment at this time, but issued a statement on March 20 following a hearing in which Nigerian authorities extended their detention.

Mr Anjalwala's wife, Elaheh Anjalwala, said she was “completely heartbroken” that he did not return home in time to celebrate her son's first birthday.

“Mr. Nadeem does not have the authority to make high-level decisions at Binance, and I sincerely urge the Nigerian authorities to allow Mr. Nadeem and Mr. Tigran to return to their home country while discussions with Binance continue. “Once again, we urge the UK and Kenyan governments to do more to bring Nadeem back home,” she said.

Gambarian's wife, Yuki, said she didn't know what to tell her two children about their father's absence.

“Mr. Tigran is known worldwide for his work in law enforcement, and many of his colleagues would say that it is thanks to Mr. Tigran’s continued efforts that cryptocurrencies are kept safe and clean.” she stated.

“Please let him come home so I can continue this great work. The longer my husband is away from his family, the harder it becomes to lead a daily life.”

1 month detention

Gambariyan and Anjarwala He was detained in Nigeria on February 26th., although neither was charged with anything at the time. The Abuja government blamed employers for wreaking havoc on the country's local currency.

of Nigerian naira is one of the worst performing currencies Nearly 70% of the world has lost Its value against the US dollar over the past year. Local residents have flocked to cryptocurrencies in recent years to protect their savings from a sharp drop in the currency and soaring inflation, which hit nearly 30% two months ago.

But Binance's problems in Nigeria seem less like a crackdown on cryptocurrencies and more like an attack on what Abuja sees as the sector's bad actors.

Ibadan, Nigeria – February 19, 2024: Demonstrators are seen protesting against rising prices and harsh living conditions in Ibadan on February 19, 2024.

Samuel Alabi | AFP | Getty Images

Nigeria has expressed two main concerns about Binance. That is due to the fact that the government has no idea where the funds are going or how they move through the exchanges, and the fact that the exchanges are said to be facilitating speculation in the naira price through peer-to-peer. be. market.

The government claimed that Binance was laundering money And $26 billion worth of untraceable funds were moving through the exchange.

Abuja authorities also claim that traders using the P2P platform to trade local currency for USD-pegged stablecoins like Tether are colluding in price to maximize the value of the exchange. did. Since then, Binance has Closing a peer-to-peer trading platform In Nigeria.

This is not the first time Abuja has taken issue with Binance. July 2023The Nigerian Securities and Exchange Commission has issued a circular warning the public against trading with the exchange, stating that “public transactions involving investments with this entity” involve trading at a “high level of risk”. “This could result in a complete loss of your investment,” he said. . ”

CNBC's Ruxandra Iordache contributed to this report.

Summarize this content to 100 words One of the two Binance executives held in Nigeria has escaped custody, but the Nigerian government has filed new tax evasion charges against the global cryptocurrency exchange.The Federal Inland Revenue Service (FIRS) of Nigeria announced on Monday that four new charges of tax evasion have been filed at the Federal High Court in Abuja. Several local media reported.According to reports, Binance is being charged with failure to pay value-added tax (VAT) and corporate income tax, failure to file tax returns, and conspiracy to assist customers in tax evasion through its platform.Two other senior executives from the company, American national Tigran Gambariyan and British-Kenyan Nadeem Anjarwala, were also charged and detained by Nigerian authorities.Reports surfaced over the weekend that Anjarwala had fled the Abuja guest house where the two were being held on Friday.A Binance spokesperson told CNBC: “We have been informed that Mr. Nadeem is no longer in custody in Nigeria. The safety of our employees continues to be our top priority, and we are working hard to quickly resolve this matter. “We are cooperating with the Nigerian authorities.”Reuters reported, citing Nigeria's national security adviser, that Nigeria is in talks with Interpol to secure an international arrest warrant for Anjarwala. The National Security Agency did not respond to CNBC's request for comment.The families of the two employees declined to comment at this time, but issued a statement on March 20 following a hearing in which Nigerian authorities extended their detention.Mr Anjalwala's wife, Elaheh Anjalwala, said she was “completely heartbroken” that he did not return home in time to celebrate her son's first birthday.“Mr. Nadeem does not have the authority to make high-level decisions at Binance, and I sincerely urge the Nigerian authorities to allow Mr. Nadeem and Mr. Tigran to return to their home country while discussions with Binance continue. “Once again, we urge the UK and Kenyan governments to do more to bring Nadeem back home,” she said.Gambarian's wife, Yuki, said she didn't know what to tell her two children about their father's absence.“Mr. Tigran is known worldwide for his work in law enforcement, and many of his colleagues would say that it is thanks to Mr. Tigran’s continued efforts that cryptocurrencies are kept safe and clean.” she stated.”Please let him come home so I can continue this great work. The longer my husband is away from his family, the harder it becomes to lead a daily life.”1 month detentionGambariyan and Anjarwala He was detained in Nigeria on February 26th., although neither was charged with anything at the time. The Abuja government blamed employers for wreaking havoc on the country's local currency.of Nigerian naira is one of the worst performing currencies Nearly 70% of the world has lost Its value against the US dollar over the past year. Local residents have flocked to cryptocurrencies in recent years to protect their savings from a sharp drop in the currency and soaring inflation, which hit nearly 30% two months ago.But Binance's problems in Nigeria seem less like a crackdown on cryptocurrencies and more like an attack on what Abuja sees as the sector's bad actors.Ibadan, Nigeria – February 19, 2024: Demonstrators are seen protesting against rising prices and harsh living conditions in Ibadan on February 19, 2024.Samuel Alabi | AFP | Getty ImagesNigeria has expressed two main concerns about Binance. That is due to the fact that the government has no idea where the funds are going or how they move through the exchanges, and the fact that the exchanges are said to be facilitating speculation in the naira price through peer-to-peer. be. market.The government claimed that Binance was laundering money And $26 billion worth of untraceable funds were moving through the exchange.Abuja authorities also claim that traders using the P2P platform to trade local currency for USD-pegged stablecoins like Tether are colluding in price to maximize the value of the exchange. did. Since then, Binance has Closing a peer-to-peer trading platform In Nigeria.This is not the first time Abuja has taken issue with Binance. July 2023The Nigerian Securities and Exchange Commission has issued a circular warning the public against trading with the exchange, stating that “public transactions involving investments with this entity” involve trading at a “high level of risk”. “This could result in a complete loss of your investment,” he said. . ”— CNBC's Ruxandra Iordache contributed to this report.
https://www.cnbc.com/2024/03/25/binance-executive-escapes-nigerian-custody-as-authorities-file-new-tax-charges.html Binance executive flees from Nigerian custody as authorities charge new taxes

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