EFCC Charges Binance, Execs With $35.4M Money Laundering

EFCC charges Binance and execs with $35.4M money laundering.
Anjarwalla evades arrest, prompts international pursuit.
Charges include unlicensed financial activities and concealing unlawful proceeds.

EKO HOT BLOG reports that the Economic and Financial Crimes Commission (EFCC) has brought charges of $35,400,000 in money laundering against Binance Holdings Limited and two of its senior executives, Tigran Gambaryan and Nadeem Anjarwalla, with the latter currently evading authorities.

Following the transfer of the case from the Office of the National Security Adviser, the EFCC has detained Gambaryan and obtained a court warrant for the arrest and extradition of Anjarwalla, who has fled.

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It is reported that the anti-graft commission is collaborating with international agencies including the International Criminal Police Organisation (INTERPOL), the Federal Bureau of Investigation (FBI) of the United States, the government of the United Kingdom of Great Britain and Northern Ireland, and the Kenyan government in efforts to arrest and extradite Anjarwalla.

The EFCC has lodged five-count charges related to money laundering against Binance and its executives, Anjarwalla and Gambaryan, after assuming control of the investigation into the alleged financial irregularities attributed to the cryptocurrency giant.

According to court documents obtained by The Punch correspondent, the charges were filed on Thursday, March 28, 2024, before the Federal High Court of Nigeria, Abuja division.

The charges read, “That you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January, 2023 and January, 2024 in Abuja within the jurisdiction of this Honourable Court carried on specialised business of other financial institution without valid licence and thereby committed an offence contrary to section 57(1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under section 57(5) of the same Act.

“Count two, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January, 2022 and January, 2024 in Abuja within the jurisdiction of this Honourable Court engaged in business of other financial institution (other than insurance, stock broking and pension fund management) without valid licence and thereby committed an offence contrary to and punishable under section 58(5) of the Banks and Other Financial Institutions Act, 2020.

“Count three, that you, Binance Holdings Limited (“aka Binance”), between January, 2022 and January, 2024 in Abuja within the jurisdiction of this Honourable Court, not being an authorised dealer in Nigeria’s Autonomous Foreign Exchange Market used your virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offence contrary to and punishable under section 29(1) (c) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act.

“Count four, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), and other persons at large between January, 2023 and January, 2024 in Abuja within the jurisdiction of this Honourable Court conspired amongst yourselves to conceal the origin of the proceeds of your unlawful activities and thereby committed an offence contrary to section 21 (a) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

“Count five, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla between January, 2023 and December, 2023 in Abuja within the jurisdiction of this Honourable Court concealed the origin of a cumulative sum of $35,400, 000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity and you thereby committed an offence contrary to and punishable under section 18(3) of the Money Laundering (Prevention and prohibition) Act, 2022.”