Cryptocurrency exchange platform, Binance Holdings Limited alongside two of its senior executives, Tigran Gambaryan and Nadeem Anjarwalla, have been slammed with charges of $35,400,000 in money laundering, by the Economic and Financial Crimes Commission, EFCC.
The EFCC, having taken over the case from the Office of the National Security Adviser, has detained Gambaryan and secured a court warrant for the arrest and extradition of Anjarwalla, who has escaped.
The anti-graft commission is collaborating with the International Criminal Police Organisation, the Federal Bureau of Investigation of the United States, the government of the United Kingdom of Great Britain and Northern Ireland, and the Kenyan government to arrest and extradite Anjarwalla.
The EFCC has pressed five-count charges related to money laundering against Binance and two of its executives, Anjarwalla and Gambaryan, after taking over the investigation into the alleged financial irregularities attributed to the cryptocurrency giant.
According to court documents obtained by The Punch correspondent, the charges were filed on Thursday, March 28, 2024, before the Federal High Court of Nigeria, Abuja division.
The charges read, “That you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January, 2023 and January, 2024 in Abuja within the jurisdiction of this Honourable Court carried on specialised business of other financial institution without valid licence and thereby committed an offence contrary to section 57(1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under section 57(5) of the same Act.
“Count two, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January, 2022 and January, 2024 in Abuja within the jurisdiction of this Honourable Court engaged in business of other financial institution (other than insurance, stock broking and pension fund management) without 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 three, that you, Binance Holdings Limited (“aka Binance”), between January, 2022 and January, 2024 in Abuja within the jurisdiction of this Honourable Court, not being an authorised dealer in Nigeria’s Autonomous Foreign Exchange Market used your virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offence contrary to and punishable under section 29(1) (c) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act.
“Count four, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and 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.
“Count five, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla between January, 2023 and December, 2023 in Abuja within the jurisdiction of this Honourable Court concealed the origin of a cumulative sum of $35,400, 000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity and you thereby committed an offence contrary to and punishable under section 18(3) of the Money Laundering (Prevention and prohibition) Act, 2022.”
Recall that the Federal Government, on Monday, reached out to the International Criminal Police Organisation and issued an arrest warrant for Nadeem Anjarwalla, one of the detained executives of the global cryptocurrency firm Binance, who had escaped from lawful custody on Friday.
Meanwhile, Binance Executive, Tigran Gambaryan, had sued the National Security Adviser (NSA) Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC) over alleged violation of his fundamental rights.
Gambaryan, in the originating motion dated and filed March 18 by his lawyer, Olujoke Aliyu, from Aluko and Oyebode Law Firm, sought five reliefs before Justice Inyang Ekwo.
Also, Nadeem Anjarwalla, the Binance’s Africa regional manager who escaped from lawful custody March 22, filed a separate right enforcement suit before Justice Ekwo.
