FG Continues Money Laundering Case Against Binance Executive Despite Dropping Tax Charges

The federal government through the Economic and Financial Crimes Commission (EFCC) has continued with its money laundering charges against Tigran Gambaryan, an executive of Binance Holdings Ltd, at the Federal High Court, Abuja.

This development comes despite the Federal Inland Revenue Service (FIRS) withdrawing its tax evasion charges against Gambaryan and Binance.

POLITICS NIGERIA reports that Justice Emeka Nwite, on Thursday, presided over the proceedings, where the EFCC presented its case against Gambaryan and Binance, alleging money laundering involving $35.4 million and suspected terrorism financing.

The FIRS had filed a four-count charge against the duo, but surprisingly withdrew the charges last Friday.

However, the lawyer for the EFCC, Mr. Abdulkadir Abbas, a Director with the Security and Exchange Commission (SEC), testified against Binance and Gambaryan during cross-examination.

Abbas stated that Binance failed to register with the SEC and did not comply with Nigerian regulations, which mandate oversight of all Bitcoin trading platforms.

The matter was adjourned until June 21 for the continuation of cross-examination.