- The EFCC read the amended six-count charge before Justice Emeka Nwite of the federal high court in Abuja.
- In the charge, the EFCC accused Binance and the fleeing Anjarwalla of concealing the origin of a total amount of $35,400,000
- The EFCC accused both Binance and Anjarwalla of operating a financial institution without obtaining a valid licence
Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has amended the money laundering charge it previously brought against the world’s largest crypto exchange, Binance Holdings Limited and one of its executives, Nadeem Anjarwalla.
Anjarwalla and Binance were initially charged alongside Tigran Gambaryan, the exchange’s head of financial crime compliance. Earlier this year, Anjarwalla and Gambaryan were invited by the Nigerian authorities for a meeting on how to curb the influx of criminals on the platform and how the exchange could help Nigeria fight money laundering via crypto.
As they arrived in Nigeria, they were detained in a guest house in the country’s capital, Abuja. After weeks of detention, Anjarwalla escaped lawful detention and left the country to the chagrin of authorities.
Gambaryan and Binance were then charged with tax evasion and money laundering, among other charges. He was moved to a prison facility on the outskirts of Abuja, where he spent upwards of 8 months as the court case lasted.
The authorities later dropped charges against Gambaryan as the case was about to generate diplomatic ripples. A day after his release, he flew back to the US.
EFCC’s amended $35.4 million money laundering case against Binance
Now, the EFCC wants to get more from the case and decided to amend it. On Monday, the anti-graft agency read the amended six-count charge before Justice Emeka Nwite of the federal high court in Abuja.
In the charge, the EFCC accused Binance and the fleeing Anjarwalla of concealing the origin of a total amount of $35,400,000. The anti-graft agency alleged the amount was generated by Binance in Nigeria as revenue. It further alleged that Binance was aware that the funds was the proceeds of illegal activity in the country punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC accused both Binance and Anjarwalla of operating a financial institution without obtaining a valid license, contrary to and punishable under Section 58(5) of the Banks and Other Financial Institutions Act, 2020.
In line with the original charge, the EFCC also claimed that Binance and Anjarwalla illegally negotiated foreign exchange rates in Nigeria using their virtual asset services platform, in violation of Section 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, even though they were not authorised dealers in Nigeria's Autonomous Foreign Exchange Market.
As neither Anjarwalla nor Binance had any representative, apart from their lawyer, in court, a ‘not guilty’ plea was entered on their behalf in accordance with Section 478 of the Administration of Criminal Justice Act.
Justice Nwite adjourned the case to February 24 and 25, 2025.
How crypto influencer was kidnapped and killed
Meanwhile, TheRadar earlier reported that on November 13, authorities in Montreal, Canada, said the dead body of a crypto influencer identified as Kevin Mirshahi was recovered. Local media reports revealed that the body was found at Île-de-la-Visitation park in Montreal’s Ahuntsic-Cartierville borough.
According to local media, The Gazette, a passerby discovered the decomposing body at the nature park around 10am on October 30. After the police were informed, an autopsy was conducted, and the body was identified as Kevin Mirshahi.
