• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, June 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

EFCC Amends $35.4m Money Laundering Charge Against Binance

by Nafisat Abdulrahman
7 months ago
in News
Share on WhatsAppShare on FacebookShare on XTelegram

The Economic and Financial Crimes Commission (EFCC) has amended the $35.4million money laundering charge filed against cryptocurrency trading firm Binance Holdings Limited.

Advertisement

The move came after the discharge of Tigran Gambaryan, the second defendant in the case, and in compliance with a court directive to tidy up court documents.

At the Federal High Court in Abuja on Monday, EFCC counsel, Ekele Iheanacho, SAN, informed Justice Emeka Nwite of the agency’s decision to amend the charge. This followed a previous ruling by the court that directed the EFCC to streamline its filings.

The defence counsel for Binance, Okiemute Okwakwa, did not oppose the EFCC’s application to amend the charge. Iheanacho subsequently requested the court to prepare the amended charges in line with Section 478 of the Administration of Criminal Justice Act (ACJA) 2015.

After the six-count amended charge, marked FHC/ABJ/CR/138/2024, was read, Justice Nwite entered a non-guilty plea on behalf of the defendant. The case was adjourned for the continuation of trial on February 24 and 25, 2025.

RELATED

ICPC To Appeal Ruling On Yuguda’s Ex-Aide’s Case

Aviation Ministry Worker Convicted Over Employment Fraud

2 minutes ago
Police Arrest Arrowhead Of Child Theft Syndicate, Rescue 12 Minors 

Police Arrest Arrowhead Of Child Theft Syndicate, Rescue 12 Minors 

2 minutes ago

The amended charges, dated November 25, 2024, listed Binance Holdings Limited as the sole defendant. The cryptocurrency firm was accused of operating without a valid license, engaging in unauthorized financial activities, and concealing the origin of unlawfully generated revenue.

Count One alleged that Binance, along with Nadeem Anjarwalla (currently at large) and other unnamed persons, conspired to carry on the business of financial institutions without a valid license between January 2023 and January 2024. This violated Section 97 of the Penal Code Act.

Count 3 accused Binance and Anjarwalla of conducting financial services outside of authorized sectors between January 2022 and January 2024. This charge falls under Section 58(5) of the Banks and Other Financial Institutions Act, 2020.

Count 4 alleged that the company used its virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria without being an authorized dealer, violating Section 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.

Count 5 accused Binance and others of conspiring to conceal the origin of proceeds from unlawful activities between January 2023 and January 2024, contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Count 6 charged the firm with concealing $35.4 million generated as revenue in Nigeria between January 2023 and December 2023, an act deemed to violate Section 18(3) of the Money Laundering Act, 2022.

LEADERSHIP recalls that on October 23, Justice Nwite ordered the release of Gambaryan, a Binance executive, from the Kuje Correctional Centre. This followed the EFCC’s decision to withdraw charges against him, as communicated to the court by its counsel, R. U. Adagba.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Economic and Financial Crimes Commission (EFCC)
SendShareTweetShare
Previous Post

Immediate 3.9 Hiprex Review 2024: Scam Exposed? – Real or Fake Trading AI!

Next Post

Oyo School Deserted Over Students, Residents Clash

Nafisat Abdulrahman

Nafisat Abdulrahman

I am a dedicated reporter at Leadership Newspaper, where I bring a keen eye for detail and a passion for storytelling to a diverse range of topics, including business, sports, politics, and international affairs. My work aims to provide readers with accurate, timely, and engaging reports that break down the complexities of current events. From covering high-profile political shifts and court cases to exploring the latest in economic developments and sporting events, I strive to offer insightful and comprehensive coverage. My stories include in-depth analyses of economic trends, detailed political reports, and human interest pieces that highlight significant global and local events. I am committed to delivering news that informs and fosters a deeper understanding of the issues shaping our world. My goal is to engage readers with well-researched and thought-provoking content

You May Like

ICPC To Appeal Ruling On Yuguda’s Ex-Aide’s Case
News

Aviation Ministry Worker Convicted Over Employment Fraud

2025/06/29
Police Arrest Arrowhead Of Child Theft Syndicate, Rescue 12 Minors 
News

Police Arrest Arrowhead Of Child Theft Syndicate, Rescue 12 Minors 

2025/06/29
Despite Threats Of Reprisal, South East Calm
News

Soldiers Kill Terrorist Kingpin Mai Dada, Recover Weapons

2025/06/29
Abducted Benue Links Bus Passengers Regain Freedom After 1 Week In Captivity
News

Abducted Benue Links Bus Passengers Regain Freedom After 1 Week In Captivity

2025/06/29
Okunbo Foundation Expands Artistic Opportunity In Nigeria
Entertainment

Okunbo Foundation Expands Artistic Opportunity In Nigeria

2025/06/29
Why Tinubu Is Visiting Saint Lucia — Presidency
News

Why Tinubu Is Visiting Saint Lucia — Presidency

2025/06/29
Leadership Conference advertisement

LATEST

Aviation Ministry Worker Convicted Over Employment Fraud

Police Arrest Arrowhead Of Child Theft Syndicate, Rescue 12 Minors 

Abakaliki FC In Minor Road Accident After Federation Cup Defeat

CWC: PSG Thrash Lionel Messi’s Inter Miami 4-0, Advance To Quarterfinals

Soldiers Kill Terrorist Kingpin Mai Dada, Recover Weapons

Abducted Benue Links Bus Passengers Regain Freedom After 1 Week In Captivity

Okunbo Foundation Expands Artistic Opportunity In Nigeria

Why Tinubu Is Visiting Saint Lucia — Presidency

Mischief Makers Behind SGF Sack Rumour — Federal Gov’t

Kano Gov’t Renames Institute, Commission After Deceased 22 Athletes

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.