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Binance Executives face money laundry, tax evasion charges on Thursday - BUSINESSDAY

APRIL 03, 2024

A storm is brewing for cryptocurrency giant Binance as two separate charges have been filed against the company and its executives at the Abuja Federal High Court. The arraignment is scheduled for Thursday, April 4th, 2024.

The Economic and Financial Crimes Commission (EFCC) is accusing Binance executives Tigran Gambaryan and Nadeem Anjarwalla of money laundering to the tune of $35.4 million. This five-count charge alleges that the company operated without a valid license, a violation of the Banks and Other Financial Institutions Act (BOFIA) 2020.

Meanwhile, the Federal Inland Revenue Service (FIRS) has filed a separate four-count charge against Binance. This charge accuses the company of failing to register for and pay taxes in Nigeria. The alleged offenses occurred between February 1, 2024, and the filing date of March 22, 2024.

Nadeem Anjarwalla, who reportedly escaped custody on March 22nd, will be arraigned in absentia.

The judge, Justice Emeka Nwite, has previously ordered Binance to provide the EFCC with comprehensive data on all Nigerian users on their platform. This order stems from concerns that the platform may be facilitating money laundering and terrorism financing.

This case will be closely watched as it has the potential to set a precedent for cryptocurrency regulation in Nigeria.


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