Originally published on: October 28, 2024
In a surprising turn of events, Nigeria has officially dropped all charges against Tigran Gambaryan, a Binance executive who has been held in a Nigerian prison for over seven months. This decision was announced by a lawyer representing the country’s government prosecutor, the Economic and Financial Crimes Commission (EFCC).
The lawyer revealed that the charges against Gambaryan were withdrawn due to his non-senior role at Binance, the cryptocurrency exchange that was under scrutiny. Other reports also suggested that his deteriorating health played a role in the decision to drop the charges, allowing him to seek medical treatment.
Meanwhile, Ripple Labs made a bold move by filing a challenge against a recent ruling from the US Securities and Exchange Commission regarding XRP. The Form C appeal was filed in the US Court of Appeals for the Second Circuit, contesting the court’s use of the Howey test in the case.
This legal battle follows a significant ruling in August that imposed a hefty $125 million fine on Ripple for institutional XRP sales. Ripple is pushing for a de novo review of the case, seeking a fresh legal interpretation from the appeals court.
In other news, FTX and Bybit have reached a $228 million settlement in a lawsuit aimed at recovering funds for former FTX customers and creditors. The agreement will allow FTX to access $175 million in digital assets held by Bybit, with a portion of BIT tokens being sold to Mirana Corp, an investment arm of Bybit.
Additionally, Denmark’s Tax Law Council has proposed a new bill that would tax unrealized gains and losses on crypto assets held by Danish investors starting in 2026. The move comes after Danish Tax Minister Rasmus Stoklund acknowledged the unfair taxation of crypto investors using the current capital gains tax approach.
The council’s report suggests implementing inventory taxation for crypto assets, treating investors’ portfolios as a single taxable inventory each year. This could lead to a simpler and fairer taxation process for Danish crypto investors.
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