• Court Adjourns Binance Money Laundering Case to February 2025
The Economic and Financial Crimes Commission (EFCC) has amended the $35.4 million money laundering charge filed against Binance Holdings Limited. The development followed the recent discharge of Tigran Gambaryan, the second defendant in the case.
During Monday’s hearing before Justice Emeka Nwite, EFCC counsel Ekele Iheanacho, SAN, explained that the amendment aimed to streamline the court documents in compliance with a prior court directive. “The amendment also reflects the discharge of the second defendant as ordered by the court,” Iheanacho stated.
The application was unopposed by Binance’s legal representative, Okiemute Okwakwa. Iheanacho subsequently requested that the amended charge be read to the defendant, with a non-guilty plea entered on its behalf, in accordance 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, the judge adjourned the case for trial on February 24 and 25, 2025.
Background and Charges
The amended charges, dated and filed on November 25, name Binance Holdings Limited as the sole defendant. NAN reports that the case centers on allegations of operating without a valid license, unlawful foreign exchange dealings, and concealing the origins of proceeds from alleged unlawful activities.
Count one accuses Binance, Nadeem Anjarwalla (currently at large), and others of conspiring to carry out the specialized business of other financial institutions without proper licensing, contrary to Section 97 of the Penal Code Act.
In count three, Binance and Anjarwalla are alleged to have operated financial services from January 2022 to January 2024 without the necessary authorization, a violation of Section 58(5) of the Banks and Other Financial Institutions Act, 2020.
Count four alleges that Binance unlawfully negotiated foreign exchange rates using its virtual asset services platform, contravening Section 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
Counts five and six accuse Binance and others of concealing the origins of $35.4 million generated in Nigeria between January 2023 and December 2023. The alleged funds are described as proceeds of unlawful activities, in violation of Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Gambaryan’s Release
Recall that on October 23, Justice Nwite ordered the release of Gambaryan, a Binance executive, from the Kuje Correctional Centre. The directive followed the EFCC’s withdrawal of charges against him. EFCC counsel R. U. Adagba informed the court of the Federal Government’s decision to discontinue Gambaryan’s prosecution.
With the charges now streamlined, the court will proceed to trial in February 2025 to address the allegations against Binance Holdings Limited.
