The Economic and Financial Crimes Commission (EFCC) has revised its case against Binance at the Federal High Court in Abuja. The charges involve allegations of laundering $35.4 million against Binance and its executive, Nadeem Anjarwalla, who reportedly fled the country.
At a hearing on Monday, EFCC counsel Ekele Iheanacho presented an amended six-count charge before Justice Emeka Nwite. The charges accuse Binance and Anjarwalla of illegally accumulating revenue in Nigeria, operating without a valid financial institution license, and unlawfully negotiating foreign exchange rates. These alleged offenses contravene the Money Laundering Act, the Banks and Other Financial Institutions Act, and the Foreign Exchange Act.
The defendants were absent during the trial, prompting the judge to enter a not-guilty plea on their behalf, as permitted under the Administration of Criminal Justice Act. The case has been adjourned to February 24-25, 2025, for further trial and cross-examination.
This development follows EFCC’s recent withdrawal of money laundering charges against Binance executive Tigran Gambaryan, who spent eight months in detention amid health concerns. Binance CEO Richard Teng expressed gratitude to Nigerian authorities for Gambaryan’s release, emphasizing the company’s commitment to compliance and collaboration with regulators globally.
The trial’s outcome could set a precedent for the cryptocurrency sector in Nigeria, particularly regarding regulatory compliance in virtual asset services.
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