The Economic and Financial Crimes Commission (EFCC) persisted with its money laundering charge against Tigran Gambaryan, an executive from Binance Holdings Ltd. The case unfolded at a Federal High Court in Abuja.
Despite the Federal Inland Revenue Service (FIRS) withdrawing a charge related to tax evasion against Gambaryan and the cryptocurrency exchange platform, the EFCC filed a five-count charge against both Binance and Gambaryan.
The FIRS, on the other hand, filed a four-count charge.
The allegations involve money laundering totaling $35.4 million, and Binance also faces suspicion of terrorism financing. Last week, Justice Emeka Nwite discharged Gambaryan and his colleague Anjarwalla from the tax evasion charge.
This decision followed an amended charge filed by the FIRS after Binance appointed a Nigerian representative, Mr. Ayodele Omotilewa.
During the resumed hearing, the EFCC’s lawyer informed the court that the defense would cross-examine the agency’s first prosecution witness, Mr. Abdulkadir Abbas, a Director with the Security and Exchange Commission (SEC).
Abbas testified against Binance and Gambaryan, emphasizing that Binance failed to register as a Public Limited Company (Plc) in Nigeria, as required for raising capital through an Initial Public Offering (IPO). The SEC regulations mandate oversight of all Bitcoin trading platforms under Nigerian law.
The case is adjourned until June 21 for further cross-examination.
