The Economic and Financial Crimes Commission (EFCC) of Nigeria has amended its charges against Binance Holdings Limited, following the discharge of Tigran Gambaryan, a former defendant in the case.
The revised charges, which were filed on Monday, November 25, now position Binance as the sole defendant in a six-count indictment.
The EFCC's lawyer, Ekele Iheanacho, Senior Advocate of Nigeria (SAN), explained that the amendment was made "in compliance with the earlier court order to make the court documents tidier."
This move comes after Justice Emeka Nwite directed the EFCC to streamline the charges, aligning with the arguments presented by Babatunde Fagbohunlu, SAN, counsel for Binance, who had previously contended that the charges needed clarification.
The allegations against Binance are serious, involving accusations of operating financial institutions without a valid license between January 2023 and January 2024 in Abuja.
Additionally, the company is charged with using its virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria, despite not being authorized dealers in the country's autonomous foreign exchange market.
These actions allegedly contravene several Nigerian laws, including the Penal Code Act and the Banks and Other Financial Institutions Act, 2020.
Furthermore, the charges include claims that Binance conspired to conceal the origin of proceeds from unlawful activities, amounting to $35.4 million, which is said to be generated as revenue by the company in Nigeria.
This aspect of the case falls under the Money Laundering (Prevention and Prohibition) Act, 2022.
Justice Nwite has scheduled the continuation of the trial for February 24 and 25, 2025.
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