✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live
SPONSOR AD

Binance: EFCC continues criminal charge against Gambaryan

The Economic and Financial Crimes Commission (EFCC), on Thursday, continued with its alleged money laundering charge preferred against Tigran Gambaryan, an executive of Binance Holdings…

The Economic and Financial Crimes Commission (EFCC), on Thursday, continued with its alleged money laundering charge preferred against Tigran Gambaryan, an executive of Binance Holdings Ltd at a Federal High Court, in Abuja.

The criminal charge continued before Justice Emeka Nwite in spite of the withdrawal of a charge by the Federal Inland Revenue Service (FIRS) against Gambaryan in the alleged tax evasion case filed against him and the cryptocurrency exchange platform.

The News Agency of Nigeria (NAN) reports that while the EFCC filed a five-count charge against Binance and Gambaryan, FIRS filed a four-count charge against the duo.

The anti-graft agency had accused Binance and Gambaryan of money laundering involving $35.4 million.

Besides, the company was under suspicion of alleged terrorism financing.

NAN reports that Justice Nwite had, on Friday, discharged the detained Gambaryan and his fleeing colleague, Nadeem Anjarwalla, from the alleged tax evasion charge.

The judge made the decision in a short ruling following a fresh amended charge filed by the FIRS in view of a notice from Binance about its appointment of a Nigerian representative, Mr Ayodele Omotilewa, to oversee its affairs in the country.

However, expectations were high prior to today’s proceedings that the anti-graft agency would follow suit.

But at the resumed hearing, the EFCC’s lawyer informed the court that the matter was slated for the defence to cross-examined the agency’s first prosecution witness (PW1), Mr Abdulkadir Abbas, a Director with the Security and Exchange Commission (SEC).

Then Gambaryan stepped forward into the dock.

While being cross-examined by counsel for the 1st defendant (Binance), Mr Babatunde Fagbohunlu, SAN, Abbas testified against Binance and Gambaryan.

The witness, who is the Director of Registration, Exchanges and Market Infrastructure Department at SEC, stated that a private company that wants to raise capital from the public in Nigeria must become a Public Limited Company (PLC) before it can engage in IPO (Initial Public Offer).

He, however, said that Binance did not even register with his office in the first place.

He said the SEC’s regulations mandated it to oversight all Bitcoin trading platforms under the Nigeria law.

Justice Nwite adjourned the matter until June 21 for continuation of cross-examination. (NAN)

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.

Do you need your monthly pay in US Dollars? Acquire premium domains for as low as $1500 and have it resold for as much as $17,000 (₦27 million).


Click here to see how Nigerians are making it.