The Economic and Financial Crimes Commission (EFCC) has amended the alleged $35.4 million money laundering charge against Binance Holdings Limited following the discharge of Tigran Gambaryan, the second defendant.
EFCC’s lawyer, Ekele Iheanacho (SAN), on Monday told Justice Emeka Nwite of the agency’s resolve to amend the alleged $35.4 million money charge following the American’s discharge.
Iheanacho said the amendment was also in compliance with the earlier court order to make the court documents tidier.
The lawyer who appeared for Binance, Okiemute Okwakwa, did not oppose the application.
Iheanacho, who applied that the amended charge be ready to the defendant in line with section 478 of the Administration of Criminal Justice Act (ACJA), 2015, prayed the court to enter a non-guilty plea for the defendant.
After the amended six-count charge marked FHC/ABJ/CR/138/2024 was read and a non-guilty plea entered for Binance, the judge adjourned the matter until February 24 and 25, 2025, for the continuation of the trial.
On Friday, the counsel who appeared for Binance, Babatunde Fagbohunlu (SAN), argued that the EFCC should have amended the charge to tidy the court documents.
Although Iheanacho disagreed, Justice Nwite went with Fagbohunlu’s submission, directing the anti-graft agency’s lawyer to do what was necessary.
The cryptocurrency firm is the sole defendant in the amended charge dated and filed on November 25.
In count one, Binance, Nadeem Anjarwalla (now at large) and other persons at large, between January 2023 and January 2024 in Abuja, were alleged to have conspired amongst themselves to carry on the specialised business of other financial institutions without a valid licence.
The offence is contrary to section 97 of the Penal Code Act.
In count three, Binance, Anjarwalla (now at large), between January 2022 and January 2024 in Abuja, were alleged to have engaged in the business of other financial institutions (other than insurance, stock broking and pension fund management) without a valid licence and thereby committed an offence contrary to and punishable under section 58(5) of the Banks and Other Financial Institutions Act, 2020.
Count four accused the defendant and others (now at large) of using their virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria, even though they were not an authorised dealer in Nigeria’s Autonomous Foreign Exchange Market.
The offence is contrary to and punishable under section 29(1) (c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
Count five read: “That you, Binance Holdings LTD (“A.K.A BINANCE”), Nadeem Anjarwalla (now at large) and other persons at large between January 2023 and January 2024 in Abuja within the jurisdiction of this Honourable Court conspired amongst yourselves to conceal the origin of the proceeds of your unlawful activities and thereby committed an offence contrary to section 21 (a) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
In count six, the cryptocurrency firm, Anjarwalla (now at large), between January 2023 and December 2023 in Abuja, were alleged to have concealed the origin of a cumulative sum of $35.4 million ($35,400, 000) generated as revenue by the company in Nigeria.
The funds were said to constitute proceeds of unlawful activity, thereby committing an offence contrary to and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Justice Nwite had, on October 23, ordered the release of Gambaryan, the detained Binance executive, from Kuje Prison.
The judge gave the order after the EFCC’s counsel, R. U. Adagba, informed the court of the federal government’s decision to withdraw the charge against Gambaryan, who had health challenges.
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