Today (Friday), Nigeria dropped tax evasion charges against two Binance executives following the appointment of a local representative by the crypto exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term to handle legal proceedings.

Tigran Gambaryan, a US citizen and Head of Financial Crimes Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term, and Nadeem Anjarwalla, a British-Kenyan Regional Manager for Africa, had both denied the charges.

Binance Awaits Court Decision

Binance clarified that Gambaryan's role did not involve decision-making for the company, suggesting his detention was unnecessary for resolving issues with the Nigerian government. A spokesperson for Binance expressed anticipation for the court's decision to fully dismiss Gambaryan from the case.

Gambaryan had been in custody since February, while Anjarwalla departed Nigeria in March. Nigeria's Federal Inland Revenue Service subsequently removed both executives as defendants in the tax evasion matter.

However, Binance and the executives still face separate allegations of money laundering, which the company contends should also be dismissed. Both Gambaryan and Anjarwalla have denied these accusations.

Nigeria drops tax charges against Binance executives https://t.co/f3FV3TQIbs pic.twitter.com/tKY8lylodY

— Reuters (@Reuters) June 14, 2024

Nigeria previously attributed its currency challenges partly to Binance, as cryptocurrency platforms gained prominence for trading the Nigerian naira amid prolonged dollar scarcities and a historic depreciation of the national currency.

200 Million Users and $100 Billion in Assets

Binance has achieved a significant milestone with 200 million users, marking a notable achievement alongside holding $100 billion in user assets under custody this year, as Finance Magnates reported. This user base constitutes approximately 36% of the global cryptocurrency user population, illustrating Binance's rapid growth. In 2023 alone, the exchange added 40 million users, followed by another 30 million in the first half of 2024.

Celebrating this milestone on social media, Binance highlighted it as a stride towards their ambitious goal of reaching one billion users globally. The company attributed its success to user support and expressed gratitude towards its community.

Looking ahead, Binance projects reaching 300 million users by 2026, buoyed by ongoing industry trends and global cryptocurrency adoption. Despite legal challenges involving its founder, Changpeng "CZ" Zhao, Binance remains resilient, maintaining its stature as the world's leading cryptocurrency exchange.