Binance Holdings Limited and Officials to Face Arraignment in Abuja Court

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A Federal High Court in Abuja has slated the arraignment of Binance Holdings Limited, along with two of its officials, Tigran Gambaryan and Nadeem Anjarwalla, for Thursday. The trio will appear before Justice Emeka Nwite on separate charges related to money laundering and tax infractions.

According to reports, the charges against Binance, Gambaryan, and Anjarwalla were filed by both the Economic and Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS). The EFCC’s case, lodged on March 28, includes five counts alleging money laundering activities totaling $35,400,000. Among the accusations is engaging in specialized financial activities without a valid license, contrary to the Banks and Other Financial Institutions Act (BOFIA) 2020.

Meanwhile, the FIRS charges, filed on March 22, accuse the defendants of tax infractions related to their failure to register with the FIRS and pay relevant taxes. These alleged offenses are punishable under various tax laws, including the Value Added Tax (VAT) Act of 1993 and the Companies Income Tax Act.

Notably, Anjarwalla is expected to be arraigned in absentia, having escaped from lawful custody on March 22. This development adds complexity to the legal proceedings against Binance and its officials.

The legal action against Binance follows a court order issued on March 18, directing the company to furnish the EFCC with comprehensive data on Nigerian users trading on its platform. The EFCC initiated the probe amid allegations of money laundering and terrorism financing activities facilitated through Binance’s platform.

The investigation revealed substantial trading volumes from Nigeria, totaling $21.6 billion in 2023 alone, raising concerns about market distortions and currency devaluation. As the legal proceedings unfold, the outcome could have significant implications for Binance’s operations in Nigeria and its global reputation.

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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