Binance Faces Amended Money Laundering Charges in Nigeria
The Economic and Financial Crimes Commission (EFCC) has revised its money laundering case against cryptocurrency exchange Binance, now focusing on an alleged $35.4 million illicit transfer. This development unfolded before the Federal High Court in Abuja, marking a significant shift in the ongoing legal battle. The amendment follows the dismissal of charges against Binance executive Tigran Gambaryan, a move that signaled a potential de-escalation between Nigerian authorities and the crypto platform.
Details of the Amended Charges
During the recent court session, the amended six-count charge was presented before Justice Emeka Nwite. The core allegation remains that Binance, along with its fugitive executive Nadeem Anjarwalla, laundered a total of $35.4 million. This sum allegedly represents revenue generated by Binance’s operations within Nigeria. EFCC counsel Ekele Iheanacho SAN confirmed that the amendment was a result of Gambaryan’s discharge and a prior agreement between the involved parties. The continued prosecution of Binance, even with Anjarwalla at large, underscores the Nigerian government’s commitment to regulating cryptocurrency activities within its borders and addressing concerns about financial crimes.
Despite the dropping of charges against one executive, the legal pressure on Binance remains significant. The amended charges signal a refined focus in the EFCC’s strategy. As the case progresses, the Nigerian crypto community and international observers will be closely watching the outcome, as it will likely set a precedent for how digital asset platforms are regulated and held accountable in Nigeria.
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