The Economic and Financial Crimes Commission (EFCC) has pressed on with its money laundering charges against Tigran Gambaryan, an executive of Binance Holdings Ltd, at the Federal High Court in Abuja. This continuation occurred despite the Federal Inland Revenue Service (FIRS) withdrawing its tax evasion charges against Gambaryan and the cryptocurrency exchange platform.
The EFCC's case involves a five-count charge against Binance and Gambaryan, accusing them of laundering $35.4 million and suspecting the company of alleged terrorism financing. The FIRS had previously filed a four-count charge related to tax evasion but dropped these charges following Binance's appointment of a Nigerian representative, Ayodele Omotilewa, to oversee its affairs in the country.
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Last Friday, Justice Emeka Nwite discharged Gambaryan and his colleague, Anjarwalla, from the tax evasion charges after the FIRS amended its charges. However, expectations that the EFCC might also withdraw its charges were not met. During the resumed hearing, the EFCC's lawyer indicated that the session was set for the defense to cross-examine the first prosecution witness, Mr. Abdulkadir Abbas, a Director with the Security and Exchange Commission (SEC).
During cross-examination by Binance's counsel, Mr. Babatunde Fagbohunlu, SAN, Abbas testified against Binance and Gambaryan. He stated that any private company seeking to raise capital from the public in Nigeria must become a Public Limited Company (Plc) before engaging in an Initial Public Offer (IPO). He added that Binance did not register with the SEC, which is mandated to oversee all Bitcoin trading platforms under Nigerian law.
Justice Nwite adjourned the matter until June 21 for the continuation of the cross-examination.
