The Economic and Financial Crimes Commission (EFCC) will arraign Binance Holdings Ltd. and two of its top officials on Thursday for alleged money laundering.
Tigran Gambaryan and Nadeem Anjarwalla, who reportedly fled Nigeria after escaping custody in March, are accused of laundering $35.4 million. They will be tried in absentia alongside Binance itself.
The charges come amidst separate accusations from Nigeria’s Federal Inland Revenue Service (FIRS) that Binance owes taxes on its operations in the country. Both cases are scheduled for a combined hearing on Thursday before Justice Emeka Nwite of a Federal High Court in Abuja.
Background:
- The EFCC previously obtained a court order demanding user data from Binance to investigate money laundering and terrorism financing concerns.
- The agency alleges Binance users manipulated the Naira’s value and that Nigerians traded over $21.6 billion on the platform in 2023 alone.
- The FIRS claims Binance failed to register for tax purposes.
Trial Details:
- The EFCC case accuses Binance of operating without a valid license and money laundering.
- The FIRS case alleges tax evasion by Binance and its officials.
- Both trials are expected to be heard on an expedited basis.
Next Steps:
The arraignment on Thursday will mark the beginning of legal proceedings against Binance in Nigeria. The outcome of these cases could have significant implications for cryptocurrency regulation in the country.
Credit: News Agency of Nigeria (NAN)
