On Oct. 23, the Nigerian government dropped all charges against Binance executive Tigran Gambaryan, who has been detained in a Nigerian prison for more than seven months.
The withdrawal of charges was announced by a lawyer representing the country’s government prosecutor, the Economic and Financial Crimes Commission (EFCC).
The lawyer representing the EFCC said that Gambaryan, a United States citizen, was not serving a key role at the cryptocurrency exchange Binance — whose activities were the target of the prosecution.
Although the main reason cited was that Gambaryan’s role was non-senior, other reports suggested charges were dropped because of his deteriorating health and need to seek medical treatment.
Ripple files Form C, appeals SEC ruling on XRP institutional sales
On Oct. 25, Ripple Labs filed a Form C in the US Court of Appeals for the Second Circuit, with the firm’s chief legal officer, Stuart Alderoty, confirming the filing in an X post.
The Form C was filed to challenge a recent ruling from the US Securities and Exchange Commission, specifically contesting the court’s application of the Howey test.
Ripple’s appeal laid out the legal grounds for its appeal, requesting a de novo review of the case, which allows the appeals court to reexamine legal interpretations.
The filing follows an August decision by the US District Court for the Southern District of New York, which imposed a $125 million fine on Ripple for institutional XRP (XRP) sales.
FTX settles lawsuit against the Bybit exchange for $228 million
According to an Oct. 24 legal filing, the FTX bankruptcy estate agreed to a $228 million settlement with the Bybit exchange in a lawsuit to recover funds to repay former customers and creditors.
The lawsuit was first filed in 2023 by the FTX estate, and the new settlement agreement will allow FTX to withdraw $175 million in digital assets held on Bybit.
Of the digital assets, about $53 million in BIT tokens will be sold to Mirana Corp, an investment division of the Bybit exchange.
The settlement still requires court approval and is scheduled to be decided on Nov. 20.
Denmark Tax Council recommends bill to tax unrealized crypto gains
On Oct. 24, Denmark’s Tax Law Council recommended introducing a new bill that would result in unrealized gains and losses on crypto assets held by Danish crypto investors being taxed from as early as 2026.
The council released a 93-page report on crypto asset taxes in which Danish Tax Minister Rasmus Stoklund said that Danish crypto investors had been unfairly taxed under the “capital gains tax” approach.
Stoklund suggested that new rules on taxation should find a “simpler” approach when taxing crypto assets.
The report leans toward “inventory taxation,” which treats investors’ portfolios as a single “inventory” to be taxed each year, regardless of whether assets had been sold.