The Economic and Financial Crimes Commission (EFCC) has amended the charge against Binance Holdings Limited in a high-profile money laundering case involving $35.4 million.
The charge was adjusted on Monday after Tigran Gambaryan, a key executive of Binance, was discharged from the case.
EFCC’s lawyer, Ekele Iheanacho, SAN, informed the court that the amendment was in line with a previous court order. He explained that the change was necessary to tidy up the court documents.
Gambaryan had been one of the defendants in the case, but after the Federal Government withdrew charges against him, he was released from detention. This decision followed an order by Justice Emeka Nwite on October 23, directing his release from Kuje Correctional Centre.
In response to the change, Binance’s lawyer, Okiemute Okwakwa, did not object to the amended charge.
The amended charge, filed on November 25, now lists Binance as the sole defendant in the case. The charge alleges that the company, along with others at large, operated without a valid license and engaged in financial services between January 2023 and January 2024.
Binance, along with Nadeem Anjarwalla—who remains at large—faces several accusations, including unlawfully running a financial institution without the proper license and engaging in unlicensed foreign exchange dealings in Nigeria.
The most serious charge, however, involves the alleged concealment of $35.4 million in criminal proceeds. According to the EFCC, this money was generated by Binance in Nigeria through unlawful activities and was allegedly hidden in violation of the Money Laundering (Prevention and Prohibition) Act.
In the amended charge, Binance is accused of participating in the illegal transfer and laundering of this sum. The charges are also linked to Binance’s virtual asset services platform, which the EFCC claims was used to unlawfully negotiate foreign exchange rates in Nigeria.
During the proceedings, EFCC’s counsel, Iheanacho, requested that the amended charge be read to the defendant in compliance with the Administration of Criminal Justice Act (ACJA) 2015. The court agreed, and a non-guilty plea was entered on behalf of Binance.
The trial judge, Justice Nwite, adjourned the case until February 24, 2025, for further proceedings.
While the amendments were discussed in court, they were not without controversy. Binance’s legal team had previously argued that the EFCC should have amended the charge earlier to ensure the court documents were more accurate.
However, Justice Nwite supported Binance’s position, directing that the necessary adjustments be made. The amended charges now focus solely on the activities of Binance and the alleged financial crimes tied to the company’s operations.
The charges are divided into multiple counts, including conspiracy to carry out the business of financial institutions without a license, and operating outside the legal boundaries of Nigeria’s financial regulations. Binance also faces accusations of facilitating foreign exchange activities without proper authorization, a violation under the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
The EFCC’s action comes at a time when cryptocurrency companies worldwide are facing increased scrutiny from regulators. In Nigeria, where Binance operates one of the largest cryptocurrency platforms, the case highlights the growing concern over virtual assets and their potential use in illegal financial activities.
The EFCC’s investigation into Binance has been ongoing since early 2024, with the anti-graft agency accusing the cryptocurrency firm of using its platform to facilitate money laundering, fraud, and other financial crimes in Nigeria.
The Nigerian authorities have increasingly focused on cracking down on cryptocurrency-related offenses, especially in the wake of global concerns over money laundering and illicit financing through digital assets.
Binance has yet to respond publicly to the amended charge. The company has previously denied any wrongdoing, maintaining that it operates in compliance with local and international laws.
The case is one of many in which the EFCC has targeted multinational companies operating in Nigeria. It signals the commission’s broader commitment to holding foreign corporations accountable for financial crimes committed within the country.
The ongoing trial is expected to shed light on the role of cryptocurrency platforms in facilitating illicit financial activities. As the case moves forward, it is likely to attract more attention from global regulators, financial institutions, and the Nigerian public.
