Nigerian authorities have dropped tax evasion charges against Tigran Gambaryan, a Binance executive, following weeks of international pressure. The move comes just days after US lawmakers accused Nigeria of “holding Gambaryan hostage” and using the charges as a “coercion tactic” to extort Binance.

Focus on Crypto Transactions:

Gambaryan, along with another Binance executive, Nadeem Anjarwalla, were initially accused by Nigeria’s Federal Inland Revenue Service (FIRS) of failing to pay taxes on “billions of naira” worth of cryptocurrency transactions. Anjarwalla remains at large in Kenya, while Gambaryan has been detained for over 110 days.

Charges Revised, Binance Now Sole Defendant:

The FIRS has revised the charges, now solely targeting Binance through its local representatives. This means Gambaryan will no longer appear in court for the tax case.

Money Laundering Charges Remain:

However, Gambaryan’s legal troubles aren’t over. He remains in custody facing separate money laundering charges brought by Nigeria’s Economic and Financial Crimes Commission (EFCC). Reports indicate he has been diagnosed with malaria and pneumonia while in detention.

Trial Date Set:

The next hearing for the money laundering case is scheduled for June 19th, with the trial resuming the following day. This ongoing legal battle highlights the complexities of regulating and taxing cryptocurrency transactions in Nigeria.

Global Scrutiny on Crypto Regulation:

The situation in Nigeria reflects the broader challenge governments face in regulating digital assets and their associated financial activities. The cryptocurrency community and regulatory bodies worldwide will be closely watching the outcome of Gambaryan’s case, as it could have significant implications for the future of crypto regulation in Africa and beyond.

Health Concerns:

Meanwhile, concerns are mounting regarding Gambaryan’s health. With diagnoses of malaria and pneumonia, there is added urgency to resolve his legal situation. The trial date for the money laundering case is set for June 20th.