By Ayo Kehinde
The Economic and Financial Crimes Commission (EFCC) has filed a six-count amended charge of money laundering to the tune of $35.4 million against cryptocurrency trading firm, Binance Holdings Limited.
This followed a previous ruling of the Federal High court, Abuja, directing the EFCC to streamline its filings following the withdrawal of charges against Tigran Gambaryan, a Binance executive. Justice Emeka Nwite had on October 23, ordered the release of Gambaryan from the Kuje Correctional Centre.
Marked FHC/ABJ/CR/138/2024, 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 licence, engaging in unauthorised 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 licence between January 2023 and January 2024. This violated Section 97 of the Penal Code Act.
Count 3 accused Binance and Anjarwalla of conducting financial services outside of authorised 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 authorised 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.
Justice Nwite was adjourned for the continuation of trial on February 24 and 25, 2025, after the defendant entered a not-guilty plea.
