Nigeria’s Securities and Exchange Commission accused Binance of tax evasion and of currency speculation that led to the collapse of the naira. Other crypto entities have also come under pressure. The Nigerian government is clamping down on crypto entities and intermediaries in an attempt to curb potential sources of illegal activities such as money laundering and terrorism financing. Tigran Gambaryan, Binance’s associate, has been behind bars in Abuja’s Kuje Correctional Centre since April. He is suffering from what the family says is a back condition worsened by his ordeal. He risks permanent injury.
The High Court deemed Gambaryan a flight risk and denied him bail twice; he missed a recent trial session after falling ill. His business partner Nadeem Anjarwalla managed to slip away from custody about a month after both men were placed under house arrest. But in a sign of flexibility, the Economic and Financial Crimes Commission (EFCC) decided earlier this week to drop the money laundering case against Gambaryan so that he can receive medical treatment abroad. Tax evasion charges against Binance, however, are still being pursued. And the US has also come calling for its own Binance founder, Changpeng Zhao, after he was indicted on money laundering charges; Zhao recently stepped down and is currently behind bars.
Source: BBC
