The $35.4 million money laundering allegation against Binance Holdings Limited was modified by the Economic and Financial Crimes Commission (EFCC) on Monday.
After the second defendant, Tigran Gambaryan, 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 Mr. Iheanacho, the change also complied with the previous court order to tidy up the court documents.
Okiemute Okwakwa, the attorney representing Binance, did not object to the application.
In accordance with section 478 of the Administration of Criminal Justice Act (ACJA), 2015, Mr. Iheanacho requested that the defendant be given the modified charge. He also asked the court to record a non-guilty plea on the defendant’s behalf.
The judge postponed the trial to February 24 and 25, 2025, following the reading of the new six-count accusation, designated FHC/ABJ/CR/138/2024, and the entry of Binance’s non-guilty plea.
Babatunde Fagbohunlu (SAN), the attorney for Binance, contended on Friday that the EFCC ought to have revised the accusation in order to streamline the court filings.
Despite Mr. Iheanacho’s disagreement, Justice Nwite supported Mr. Fagbohunlu’s argument and ordered the attorney for the anti-graft agency to take the appropriate action.
The updated complaint, which was submitted on November 25, names the cryptocurrency company as the only defendant.
In count one, it was claimed that Binance, Nadeem Anjarwalla (who is still at large), and other individuals at large plotted to conduct the specialized business of other financial institutions in Abuja between January 2023 and January 2024 without a proper license.
Section 97 of the Penal Code Act is violated by the offence.
In count three, it was alleged that Binance, Mr. Anjarwalla (now at large), operated other financial institutions (apart from insurance, stock broking, and pension fund management) in Abuja between January 2022 and January 2024 without a valid license, in violation of section 58(5) of the Banks and Other Financial Institutions Act, 2020.
Despite not being an authorized dealer in Nigeria’s Autonomous Foreign Exchange Market, count four accused the defendant and other individuals (now at large) of illegally negotiating foreign exchange rates in Nigeria through 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.
According to count five, “between January 2023 and January 2024 in Abuja within the jurisdiction of this Honourable Court, you, Binance Holdings LTD (“A.K.A. BINANCE”), Nadeem Anjarwalla (now at large), and other individuals at large conspired among yourselves to conceal the origin of the proceeds of your unlawful activities and thereby committed an offense contrary to section 21(a) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
“According to count six, the cryptocurrency company Mr. Anjarwalla (who is currently 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.
It was claimed that the money was the proceeds of illegal conduct, which is against section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022, and carries penalties.
The jailed Binance executive, Mr. Gambaryan, was ordered to be released from Kuje Correctional Center by Justice Nwite on October 23.
After R. U. Adagba, the EFCC’s attorney, told the court that the federal government had decided to drop the charge against Mr. Gambaryan, the judge issued the order.
