tl;dr
Nigeria's Federal Inland Revenue Service (FIRS) has dropped tax evasion charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla, leaving Binance as the sole defendant in the case. The Economic Financial Crimes Commission (EFCC) continues to charge the executives with money launderi...
Nigeria's Federal Inland Revenue Service (FIRS) has dropped tax evasion charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla, leaving Binance as the sole defendant in the case. The Economic Financial Crimes Commission (EFCC) continues to charge the executives with money laundering. Gambaryan, an American national and head of financial crime compliance at Binance, remains in custody while Anjarwalla, Binance Africa's regional manager, is on the run. Binance CEO Richard Teng accused Nigerian authorities of holding Gambaryan to control Binance and violating his human rights. Binance has faced previous legal troubles, including an exit from the U.S. market and a guilty plea from CEO Changpeng Zhao for money laundering violations. In May, Nigeria invited the executives to the African country before detaining Gambaryan—a move which Binance said set a “dangerous precedent.” Now, a month later, the FIRS have revised the charges to leave Binance as the sole defendant, through its local representative, in the tax evasion case. However, both Gambaryan and Anjarwalla remain on the money laundering case brought to them by the EFCC. American national Gambaryan joined the company in 2021 and is currently the head of financial crime compliance at Binance. While Anjarwalla has been serving as the regional manager of Binance Africa but has been on the run since escaping custody in Nigeria’s capital of Abuja. In turn, a Nigerian court denied Gambaryan bail saying that he was likely to leave the country. As a result, Gambaryan remains in custody at the Kuje prison, near the country’s capital, as he awaits for the case’s next hearing which is set for June 19. Teng accused Nigerian authorities of requesting a $150 million bribe before the charges were brought to the crypto exchange and its executives. In return, Nigeria’s Information Ministry accused Binance of trying to undermine the country’s legal proceedings stating the claims “lack any iota of substance.” This is only the latest in a series of legal troubles involving Binance. Most notably, in April, Changpeng Zhao was sentenced to four months in U.S. prison due to money laundering violations. On top of this, Binance agreed to exit the U.S. market entirely with Zhao personally agreeing to pay $50 million and to stay out of Binance operations for at least three years after he pleaded guilty.
More about MicroStrategy Incorporated
MicroStrategy Incorporated provides global business analysis software and services. The company is headquartered in Tysons Corner, Virginia.
Sector: TECHNOLOGY
Industry: SERVICES-PREPACKAGED SOFTWARE
Revenue: 26320173000
Dividend Yield: None
Market Cap: None
Price/Earnings Ratio: -10.68
EPS: 32.62
Profit Margin: -0.174
Shares Outstanding: 489592000
Beta: 1756.95
Volatility: -0.775
Return on Equity: -0.055