EFCC Amends Charge Against Binance After Gambaryan’s Discharge

The Economic and Financial Crimes Commission (EFCC), on Monday, amended the alleged $35.4m money laundering charge against Binance Holdings Limited following the discharge of the company’s executive, Tigran Gambaryan.

Gambaryan, the 2nd defendant in the case, was discharged on October 23, after the Federal Government dropped all charges against him on health grounds.

EFCC’s lawyer, Ekele Iheanacho, a Senior Advocate of Nigeria, told Justice Emeka Nwite that the amendment was in compliance with the earlier court order to make the court documents tidier.

Iheanacho, who applied that the amended charge be ready for 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.

The application was not opposed by the lawyer who appeared for Binance, Okiemute Okwakwa.

The amended six-count charge marked: FHC/ABJ/CR/138/2024 was then read before the court and a non-guilty plea entered for Binance.

Justice Emeka Nwite subsequently adjourned the matter until February 24 and 25, 2025 for continuation of trial.

At the last adjourned date, November 22, counsel for Binance, Babatunde Fagbohunlu, a Senior Advocate of Nigeria, had argued that the EFCC ought to have amended the charge to make the court documents tidy.

Justice Nwite aligned with Fagbohunlu’s submission, and directed EFCC’s counsel to do the needful.

The amended charge filed on November 25, has the cryptocurrency firm listed as the sole defendant.

In count one, Binance, Nadeem Anjarwalla (now of 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 license.

The offence is contrary to Section 97 of the Penal Code Act.

In count three, Binance and Anjarwalla (now at large) between January 2022 and January 2024 in Abuja were alleged to have engaged in business of other financial institutions (other than insurance, stock broking, and pension fund management) without a valid license 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 (nowy at large) of using their virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria, even though they were not authorised dealers 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 says “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 theu 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 was 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 Money Laundering (Prevention and Prohibition) Act, 2022.