The Economic and Financial Crimes Commission (EFCC) has taken decisive action against cryptocurrency giant Binance Holdings Limited and two of its senior executives, Tigran Gambaryan and Nadeem Anjarwalla.
The EFCC, following a transfer of the case from the Office of the National Security Adviser, has leveled charges totaling $35,400,000 in money laundering.
Gambaryan has been detained by authorities, while Anjarwalla, who is currently evading capture, faces a court warrant for his arrest and extradition. The EFCC, in collaboration with international law enforcement agencies including Interpol, the FBI, the UK government, and the Kenyan authorities, is intensifying efforts to locate and apprehend Anjarwalla.
The charges, filed before the Federal High Court of Nigeria, Abuja division, include five counts related to money laundering. According to court documents obtained by The Punch correspondent, the charges were formally brought on Thursday, March 28, 2024. The charges specify the alleged unlawful activities carried out between January 2022 and January 2024 in Abuja.
The charges against Binance and its executives, as detailed in court documents, read as follows:
“That you, Binance Holdings Limited (“aka Binance”), Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January 2023 and January 2024 in Abuja within the jurisdiction of this Honourable Court carried on specialised business of other financial institution without valid licence…”
The charges further allege various violations of financial regulations, including engaging in financial activities without proper licensing and unlawful negotiation of foreign exchange rates.
Meanwhile, amidst these legal developments, Tigran Gambaryan has taken legal action against the National Security Adviser, Nuhu Ribadu, and the EFCC, citing alleged violations of his fundamental rights. Gambaryan, through his lawyer Olujoke Aliyu, seeks redress before Justice Inyang Ekwo.
Similarly, Nadeem Anjarwalla, the Binance Africa regional manager who escaped custody on March 22, has also initiated legal proceedings to enforce his rights before Justice Ekwo.
The Federal Government’s involvement, including the issuance of an arrest warrant for Anjarwalla and the collaboration with international law enforcement agencies, underscores the gravity of the allegations against Binance and its executives. As the legal proceedings unfold, the cryptocurrency industry faces heightened scrutiny, highlighting broader concerns surrounding financial regulation and compliance.
