The Economic and Financial Crimes Commission (EFCC) has amended the $35.4million money laundering charge filed against cryptocurrency trading firm Binance Holdings Limited.
The move came after the discharge of Tigran Gambaryan, the second defendant in the case, and in compliance with a court directive to tidy up court documents.
At the Federal High Court in Abuja on Monday, EFCC counsel, Ekele Iheanacho, SAN, informed Justice Emeka Nwite of the agency's decision to amend the charge. This followed a previous ruling by the court that directed the EFCC to streamline its filings.
The defence counsel for Binance, Okiemute Okwakwa, did not oppose the EFCC's application to amend the charge. Iheanacho subsequently requested the court to prepare the amended charges in line with Section 478 of the Administration of Criminal Justice Act (ACJA) 2015.
After the six-count amended charge, marked FHC/ABJ/CR/138/2024, was read, Justice Nwite entered a non-guilty plea on behalf of the defendant. The case was adjourned for the continuation of trial on February 24 and 25, 2025.
The amended charges, dated November 25, 2024, listed Binance Holdings Limited as the sole defendant. The cryptocurrency firm was accused of operating without a valid license, engaging in unauthorized financial activities, and concealing the origin of unlawfully generated revenue.
Count One alleged that Binance, along with Nadeem Anjarwalla (currently at large) and other unnamed persons, conspired to carry on the business of financial institutions without a valid license between January 2023 and January 2024. This violated Section 97 of the Penal Code Act.
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Count 3 accused Binance and Anjarwalla of conducting financial services outside of authorized sectors between January 2022 and January 2024. This charge falls under Section 58(5) of the Banks and Other Financial Institutions Act, 2020.
Count 4 alleged that the company used its virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria without being an authorized dealer, violating Section 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
Count 5 accused Binance and others of conspiring to conceal the origin of proceeds from unlawful activities between January 2023 and January 2024, contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Count 6 charged the firm with concealing $35.4 million generated as revenue in Nigeria between January 2023 and December 2023, an act deemed to violate Section 18(3) of the Money Laundering Act, 2022.
LEADERSHIP recalls that on October 23, Justice Nwite ordered the release of Gambaryan, a Binance executive, from the Kuje Correctional Centre. This followed the EFCC's decision to withdraw charges against him, as communicated to the court by its counsel, R. U. Adagba.
