The Economic and Financial Crimes Commission (EFCC) has amended the $35.4 million money laundering charges filed against Binance Holdings Limited. This decision follows the discharge of Tigran Gambaryan, the second defendant, and a court directive to streamline its filings.
During a session at the Federal High Court in Abuja on Monday, EFCC counsel Ekele Iheanacho, SAN, informed Justice Emeka Nwite of the changes to the charges. The amendments align with Section 478 of the Administration of Criminal Justice Act (ACJA) 2015.
Binance Holdings Limited now stands as the sole defendant in the six-count charge, which includes allegations of operating without a valid license, engaging in unauthorized financial activities, and concealing the origins of unlawful revenue.
Key accusations include:
1. Unlicensed Financial Activities: Binance allegedly operated financial institutions without proper licensing between January 2023 and January 2024, violating Section 97 of the Penal Code Act.
2. Unauthorized Foreign Exchange Negotiations: The company reportedly used its platform to negotiate foreign exchange rates in violation of Section 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
3. Concealment of Proceeds: Binance and others allegedly conspired to conceal the origin of $35.4 million in unlawful revenue, contravening the Money Laundering (Prevention and Prohibition) Act, 2022.Justice Nwite entered a non-guilty plea on behalf of Binance, with the trial adjourned to February 24-25, 2025.
The EFCC’s focus on Binance comes amid increasing scrutiny of cryptocurrency firms operating in Nigeria. In October, the court discharged Tigran Gambaryan, a Binance executive, after the EFCC withdrew charges against him.
