Cryptocurrency giant Binance and its executives are under scrutiny as they face two separate charges filed against them in the Abuja Federal High Court. The arraignment is set for Thursday, April 4th, 2024.
The Economic and Financial Crimes Commission (EFCC) is alleging that Binance executives Tigran Gambaryan and Nadeem Anjarwalla were involved in money laundering amounting to $35.4 million. This five-count charge accuses the company of operating without a valid license, a violation of the Banks and Other Financial Institutions Act (BOFIA) 2020.
Additionally, the Federal Inland Revenue Service (FIRS) has lodged a separate four-count charge against Binance, accusing them of failing to register for and pay taxes in Nigeria. The alleged offenses span from February 1, 2024, to March 22, 2024, the filing date.
Nadeem Anjarwalla, who reportedly escaped custody on March 22nd, will be arraigned in absentia.
Justice Emeka Nwite, the presiding judge, previously ordered Binance to provide the EFCC with comprehensive data on all Nigerian users on their platform amid concerns of possible money laundering and terrorism financing.
This case carries significant implications for cryptocurrency regulation in Nigeria and is expected to be closely monitored.
