Today (Friday), Nigeria dropped tax evasion charges against two Coin executives after the cryptocurrency exchange appointed a local representative. exchange to handle legal proceedings.

Tigran Gambaryan, a U.S. citizen and head of financial crime compliance, as well as Nadeem Anjarwalla, regional manager for Africa in the U.K.-Kenya, both denied the charges.

Coin awaits court decision

Coin clarified that Gambaryan's duties do not involve decision-making at the company, meaning that his detention is unnecessary to resolve the issue with the Nigerian government. A Coin spokesperson said that it looks forward to the court's decision to dismiss Gambaryan's lawsuit altogether.

Gambaryan has been in detention since February, while Anjarwala left Nigeria in March. Nigeria's Federal Inland Revenue Service subsequently removed the two executives from the list of defendants in the tax evasion case.

However, Coin and the executives still face separate money laundering charges, which the company argues should also be dismissed. both Gambaryan and Anjarwalla have denied the charges.

Nigeria has previously blamed CoinSecure in part for its currency challenges, as the cryptocurrency platform gained notoriety for trading the Nigerian naira against a backdrop of a chronic shortage of U.S. dollars and a historic devaluation of its own currency.

200 million users and $100 billion in assets

According to Finance Magnates, CoinSecure has achieved the significant milestone of 200 million users, which is a remarkable achievement, as well as hosting $100 billion in user assets this year . The user base represents about 36 percent of all cryptocurrency users globally, demonstrating Coin's rapid growth. In 2023 alone, the exchange added 40 million users, followed by another 30 million in the first half of 2024.

Coin celebrated the milestone on social media, emphasizing that it was a step towards their ambitious goal of achieving 1 billion users worldwide. The company attributed its success to the support of its users and expressed its gratitude to the community.

Looking ahead, CoinSecure expects to reach 300 million users by 2026, thanks to continued industry trends and the global popularity of cryptocurrencies. CoinSafe has remained resilient and maintained its position as one of the world's leading cryptocurrency exchanges despite legal challenges faced by its founder, Changpeng "CZ" Zhao.