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In a significant legal development, the Economic and Financial Crimes Commission (EFCC) has brought charges against Binance Holdings Ltd and one of its executives, Tigran Gambaryan, for alleged involvement in a $34.4 million money laundering scheme. The arraignment took place before Justice Emeka Nwite at the Federal High Court in Abuja on Monday, April 8, 2024.
The charges levied against Binance and Gambaryan include tax evasion, currency speculation, and conducting unauthorized financial activities, as per the EFCC’s allegations. Gambaryan, who claimed not to represent Binance in Nigeria, faced scrutiny regarding his affiliation with the company during the legal proceedings. Despite objections raised, the court affirmed Gambaryan’s ties to Binance, paving the way for his arraignment.
Among the counts presented, Binance and Gambaryan stand accused of operating a specialized financial business without proper licensing and unlawfully manipulating foreign exchange rates in Nigeria using Binance’s virtual asset services platform.
During the hearing, Gambaryan pleaded not guilty to all charges, prompting the prosecuting counsel to request a trial date. In response, the defense sought bail for Gambaryan, citing his foreign nationality and prolonged detention. However, the prosecuting counsel argued that Gambaryan’s detention was lawful under Nigerian law, leading to the court’s decision to remand him in Kuje Correctional Centre until the next hearing.
Justice Nwite scheduled April 18, 2024, for the hearing of bail applications and May 5, 2024, for the commencement of the trial, underscoring the gravity of the allegations and the legal process ahead.
