Regarding the ongoing probe into the activities of Binance in Nigeria, court documents obtained exclusively by our correspondent revealed that charges were filed on Thursday, March 28, 2024, before the Federal High Court of Nigeria, Abuja division.
The charges, filed against Binance Holdings Limited, Tigran Gambaryan, and Nadeem Anjarwalla (now at large), spanned various allegations dating between January 2022 and January 2024.
Among the charges were accusations of operating specialised financial businesses without valid licences, engaging in financial activities without proper authorization, and unlawfully negotiating foreign exchange rates in Nigeria.
The defendants were accused of conspiring to conceal the origin of proceeds from their alleged unlawful activities, as well as concealing the origin of revenue generated by Binance in Nigeria, totaling $35.4 million.
The development comes after the Federal government issued an arrest warrant for Nadeem Anjarwalla, one of the detained Binance executives who escaped from custody on March 22, 2024. Anjarwalla, a suspect in the ongoing probe, fled Nigeria using a smuggled international passport, as confirmed by the Office of the National Security Adviser (ONSA).
Efforts are underway to apprehend Anjarwalla, with security agencies collaborating with Interpol for an international arrest warrant.
The escape raised concerns among security agencies, leading to the arrest of personnel responsible for his custody, as investigations into the circumstances surrounding his escape continue.
The charges against Binance officials come amid a crackdown by the Nigerian government on suspected money launderers and terrorism financiers allegedly using the platform for illicit activities.
The government alleges that over $21.6 billion was traded by Nigerians on Binance, with identities concealed, contributing to activities such as money laundering, terrorist financing, currency speculation, and market manipulation.
The detention and subsequent charges against Binance officials follow the platform’s guilty plea and agreement to settle criminal money laundering charges levied by the US Department of Justice, where founder and CEO Changpeng Zhao pleaded guilty and agreed to resign.
As the legal proceedings unfold, Nigerian authorities continue their efforts to address illicit financial activities and ensure compliance with regulatory standards within the cryptocurrency sector.
