Binance was accused of failing to register with the Federal Inland Revenue Service to pay all relevant taxes administered by the service.
The FIRS alleged that while Binance was offering taxable services to subscribers on its trading platform, the company failed to issue invoices to those subscribers to determine and payment of its value-added taxes.
However, Binance, along with Tigran Gambaryan, a U.S. citizen and head of financial crimes compliance for the company, and Nadeem Anjarwalla, a British-Kenyan national and regional manager for Africa, all denied the tax evasion charges, according to Reuters.
Binance stated that the court’s decision demonstrated that Gambaryan “is not a decision-maker at Binance and does not need to be held in order for Binance to resolve issues with the Nigerian government.”
“We await the court’s ruling on this, discharging Tigran from this matter completely,” a Binance spokesperson said.
Gambaryan has been in custody since February, while Anjarwalla left the country in March.
Nigeria’s Federal Inland Revenue Service removed the two executives as defendants in the tax evasion case, but they, along with Binance, still face separate money laundering charges.
