The Economic and Financial Crimes Commission, EFCC, on Monday amended the $35.4 million money laundering charge filed against Binance Holdings Limited.
The amendment follows a court directive to streamline the case and the discharge of Tigran Gambaryan, the second defendant.
The EFCC’s counsel, Ekele Iheanacho, SAN, informed Justice Emeka Nwite that the updated charge aligns with an earlier court order for a tidier presentation. The six-count charge now lists Binance as the sole defendant, while other individuals involved remain at large.
The counts include allegations of operating as an unlicensed financial institution, unlawfully negotiating foreign exchange rates, and concealing the origin of $35.4 million in revenue generated within Nigeria. The alleged offenses span periods from January 2022 to January 2024 and involve violations of the Penal Code, Banks and Other Financial Institutions Act, Foreign Exchange Act, and Money Laundering Act.
After the amended charges were read, the court entered a non-guilty plea for Binance. The trial has been adjourned to February 24 and 25, 2025.
Justice Nwite had previously ordered the release of Gambaryan from custody following the withdrawal of charges against him by the Federal Government. The EFCC’s move to amend the charge addresses concerns raised about the coherence of court documents during earlier proceedings.
READ ALSO: FG abruptly drops all charges against Binance executive, Gambaryan
Credible News recalls that the Federal Government dropped all charges against Tigran Gambaryan, an executive at Binance Holdings, who had been in detention since April facing money laundering trial.
A lawyer representing EFCC, announced the withdrawal of the charges at the Federal High Court in Abuja on October 23.
The hearing, coming two days before the 25 October earlier scheduled as the return date by the trial judge in the open court, appeared to have been intentionally held to avoid public attention as much as possible.
Announcing the withdrawal of the charges, the lawyer said Mr Gambaryan, a United States citizen, was merely an employee of Binance, whose activities he was being prosecuted for.
Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Mr Gambaryan, agreed with the prosecution, saying that his client was not involved in the company’s broader financial decisions.
October 23 hearing was a climax of the behind-the-scenes diplomatic lobbying that had been ongoing between Nigerian and the US government figures for months for the release of Mr Gambaryan, who had been denied bail on two occasions because the judge considered him to be a flight risk.
Credible News.ng
