Nigeria drops tax charges against Binance executives

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Despite the withdrawal of tax charges by Nigeria, Tigran Gambaryan and Nadeem Anjarwalla of Binance remain involved in a money laundering trial. 

The Nigerian authorities continue with the money laundering case, keeping the Binance executives under legal scrutiny. Let’s see all the details below. 

Nigeria: Binance executives still under investigation

As anticipated, the tax charges brought by the Federal Inland Revenue Service (FIRS) of Nigeria against the executives of Binance, Tigran Gambaryan and Nadeem Anjarwalla, have been dropped.

As stated by a spokesperson for the family in an email sent on Friday. The FIRS has decided to review the rates, which will now be applied exclusively to Binance through its local representative. 

Gambaryan will no longer have to appear in court for the FIRS case, making Binance the only defendant. A trial for money laundering involving Gambaryan and Anjarwalla is still ongoing.

The next hearing in this case is scheduled for June 19, when a request related to fundamental rights will be examined, according to the statement. The trial will resume on June 20. Gambaryan is still detained in Kuje prison.

Richard Teng di Binance: il 2024 sarà un anno cruciale per le criptovalute

Richard Teng, CEO of Binance, called 2024 a “historic year” for cryptocurrencies, thanks to greater mainstream adoption, regulatory clarity, and the SEC’s approval of bitcoin spot and potential ETFs on Ether (ETH).

During an interview with Bloomberg, Teng revealed that Binance’s customer assets increased by 42 billion dollars in 2024. 

“The momentum continues to be very strong, which is a very encouraging sign for us,” he stated, also highlighting the significant participation of retail investors in addition to institutional ones.

Teng stated that Binance is committed to maintaining its position as a leader in the sector. From February to May, Binance’s monthly active users increased by 12.5%. 

The exchange, with 200 million global users, currently manages approximately 114.59 billion dollars in assets, according to DeFiLlama.

This growth reflects a broader recovery of the cryptocurrency market after the difficult period of 2022, which saw the collapse of major exchanges like FTX.

New initiatives and leadership

In May, Binance launched Binance Launchpool, a platform to discover and acquire new crypto projects. This initiative has helped increase the popularity of the exchange. 

Furthermore, the native token of Binance Chain, BNB, has recently reached an all-time high thanks to the growing number of projects on the chain.

Teng, who became CEO in November, replaced the founder Changpeng Zhao as part of an agreement with the US authorities, which included over 4 billion dollars in penalties.

Binance has admitted to violating U.S. regulations on money laundering and trade sanctions. Zhao has recently begun serving a four-month sentence in California. 

Teng stated that the company is still in discussions with several jurisdictions to finalize the position of its headquarters.