The Abuja Federal High Court is set to proceed with the arraignment of two Binance executives on charges related to money laundering and tax violations.
The Economic and Financial Crimes Commission (EFCC) has prepared a five-count charge against the individuals, alleging the laundering of approximately $35.4 million.
Additionally, the Federal Inland Revenue Service (FIRS) has filed a four-count charge accusing the executives of various tax-related offences.
One of the accused, who had previously escaped custody, will be arraigned in absentia.
The charges suggest that between January 2023 and January 2024, the executives operated a financial business without the necessary license, violating the Banks and Other Financial Institutions Act (BOFIA) 2020.
Furthermore, they reportedly failed to register with the FIRS for tax purposes while providing services on the Binance platform.
In a recent development, the court ordered Binance to submit comprehensive data on Nigerian traders using its platform to the EFCC.
This order aims to assist the EFCC in investigating allegations of money laundering and terrorism financing activities associated with Binance’s operations.
