On Monday, the Federal Government charged Binance and one of its executives, Tigran Gambaryan, with five counts related to money laundering. According to Section 57(5) of the Banks and Other Financial Institutions Act, 2020, the offense is penalized for violating both Section 57(1) and (2) of the same Act.
As the company’s representative, Gambaryan entered a plea on its behalf and denied committing the accused offenses.
In a previous decision, Justice Emeka Nwite had quickly dismissed Gambaryan’s objections to deliver the company’s case, citing his lack of authority as its agent.
Dismissing the argument, Nwite determined that Gambaryan had represented himself in an affidavit.
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Nwite dismissed the objection, ruling that Gambaryan had represented the company in an affidavit, transacting business in Nigeria on its behalf.
The anti-graft agency stated that the offenses, which took place in Abuja between January 2023 and December 2023, violated Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022 and were punishable by law.
Count one charged the defendants with operating other financial institutions’ specialized business in Abuja between January 2023 and January 2024 without a valid license.
The foreign national’s request to be placed under the Economic and Financial Crimes Commission’s (EFCC) custody on remand was denied by Nwite.
The defendant was then placed under remand and taken to Kuje Prison by the judge’s order.
Count one charged the defendants with operating other financial institutions’ specialized business in Abuja between January 2023 and January 2024 without a valid license.
The foreign national’s request to be placed under the Economic and Financial Crimes Commission’s (EFCC) custody on remand was denied by Nwite.
The defendant was then placed under remand and taken to Kuje Prison by the judge’s order.
