The $35.4 million money laundering allegation against Binance Holdings Limited was amended by the Economic and Financial Crimes Commission (EFCC) on Monday.
After Tigran Gambaryan, the second defendant in the case, was discharged, EFCC’s attorney, Ekele Iheanacho, SAN, informed Justice Emeka Nwite of the agency’s intention to modify the claimed $35.4 million money allegation.
According to Iheanacho, the change also complied with the previous court order to tidy up the court documents.
The attorney who represented Binance, Okiemute Okwakwa, did not object to the application.
Iheanacho asked the court to submit a non-guilty plea on the defendant’s behalf, requesting that the amended charge be prepared for the defendant in accordance with Section 478 of the Administration of Criminal Justice Act (ACJA), 2015.
Following the reading of the modified six-count charge, designated FHC/ABJ/CR/138/2024, and the entry of Binance’s non-guilty plea, the judge postponed the case until February 24 and February 25, 2025, in order to continue the trial.
According to the News Agency of Nigeria (NAN), Babatunde Fagbohunlu, SAN, the attorney for Binance, contended on Friday that the EFCC should have changed the charge in order to clean up the court filings.
Despite Iheanacho’s disagreement, Justice Nwite supported Fagbohunlu’s argument and ordered the anti-graft agency’s attorney to take the appropriate action. NAN notes that the cryptocurrency company is the only defendant in the updated complaint, which was submitted on November 25.
According to count one, Binance, Nadeem Anjarwalla (who is still at large), and other individuals at large allegedly plotted to conduct the specialized business of other financial institutions in Abuja between January 2023 and January 2024 without a valid license.
The offense violates the Penal Code Act’s Section 97.
A violation of Section 58(5) of the Banks and Other Financial Institutions Act, 2020 was allegedly committed by Binance and Anjarwalla (now at large) in Abuja between January 2022 and January 2024 when they were accused of conducting business for other financial institutions (apart from insurance, stock broking, and pension fund management) without a valid license.
Despite not being authorized dealers in Nigeria’s independent foreign exchange market, count four accused the defendant and other people (who are now at large) of illegally negotiating foreign currency rates in Nigeria using their virtual asset services platform.
Section 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act prohibits the offense and stipulates the penalties for it.
Count five, Between January 2023 and January 2024, in Abuja, within the jurisdiction of this Honorable Court, you, BINANCE HOLDINGS LTD (“A.K.A. BINANCE”), NADEEM ANJARWALLA (now at large), and other individuals at large conspired to hide the source of the proceeds of your illegal activities. This was a violation of Section 21(a) and a violation of Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
In count six, the cryptocurrency company Anjarwalla (now at large) was accused of hiding the source of $35.4 million ($35,400,000) in revenue that the company made in Nigeria between January 2023 and December 2023 in Abuja.
The money was allegedly obtained through illegal means, which is against the Money Laundering (Prevention and Prohibition) Act of 2022 and is punishable under Section 18(3).
According to NAN, on October 23, Judge Nwite issued a ruling directing Gambaryan, the jailed Binance executive, to be released from Kuje Correctional Center.
After R. U. Adagba, the attorney for the EFCC, told the court that the Federal Government has decided to drop the prosecution against Gambaryan, the judge issued the order.
