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Binance executives face charges related to money laundering.

Binance executives face charges related to money laundering.

Subject to no alterations, the Abuja Federal High Court has slated the arraignment of two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, for Thursday.

Gambaryan and Anjarwalla will face charges before Justice Emeka Nwite, with two distinct accusations.

One charge, lodged by the Economic and Financial Crimes Commission (EFCC), centers on money laundering and comprises five counts.

The other, brought forth by the Federal Inland Revenue Service (FIRS), involves four counts, alleging various tax violations against them.

Anjarwalla, who eluded custody on March 22, will be arraigned in absentia before Justice Nwite.

According to the EFCC’s filing on March 28, the Binance executives are accused of laundering approximately $35,400,000.

In the first count of the charges, the defendants are alleged to have conducted specialized financial activities without a valid license between January 2023 and January 2024 in Abuja.

This action, as per the EFCC, violates Section 57(1) and (2) of the Banks and Other Financial Institutions Act (BOFIA) 2020, and is punishable under Section 57(5) of the same Act.

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In the FIRS charge filed on March 22, marked: FHC/ABJ/CR/115/2024, the defendants are accused of committing the offense on or around February 1 this year.

In the first count of this charge, they are accused of failing to register with the FIRS to pay all relevant taxes while providing services to subscribers on their platform (Binance).

This, according to the FIRS, constitutes an offense punishable under Sections 8 and 29 of the Value Added Tax (VAT) Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended), and Section 94 of the Companies Income Tax Act (as amended).

On March 18, Justice Nwite directed Binance to furnish the EFCC with comprehensive data or information on all individuals trading on its platform from Nigeria.

The judge granted the interim order in response to an ex-parte motion filed by EFCC’s lawyer, Ekele Iheanacho, to facilitate the investigation into alleged money laundering and terrorism financing activities on Binance’s platform.

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