Recently, the Economic and Financial Crimes Commission (EFCC) persisted with its allegations of money laundering against Tigran Gambaryan, an executive linked to Binance Holdings Ltd. The proceedings unfolded at a Federal High Court in Abuja.
The Federal Inland Revenue Service (FIRS) had withdrawn a tax evasion charge against Gambaryan and the cryptocurrency exchange platform. Despite this, EFCC proceeded with a five-count charge against Binance and Gambaryan, alongside FIRS’s earlier four-count charge.
The accusations by EFCC centre on money laundering amounting to $35.4 million, with additional concerns over potential involvement in terrorism financing.
Justice Emeka Nwite recently discharged Gambaryan, along with Nadeem Anjarwalla, from the tax evasion charges. This followed an amended charge by FIRS, prompted by Binance’s appointment of a Nigerian representative, Mr. Ayodele Omotilewa, to oversee its operations locally.
Expectations were high for today’s court session, as the EFCC was expected to respond. However, proceedings instead focused on the cross-examination of Mr Abdulkadir Abbas, the SEC’s Director, by the defence counsel for Binance, Mr Babatunde Fagbohunlu, SAN.
During the cross-examination, Abbas, who oversees Registration, Exchanges, and Market Infrastructure at the SEC, highlighted that under Nigerian law, companies seeking public capital must first become a Public Limited Company (PLC) for IPOs. He noted that Binance had not complied with the SEC’s regulations overseeing Bitcoin trading platforms in Nigeria.
The court adjourned proceedings until June 21, highlighting this complex legal battle involving international finance and regulatory compliance.
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