EFCC Revises Charge Against Binance Following Gambaryan's Discharge

The Economic and Financial Crimes Commission (EFCC) has amended the $35.4 million money laundering charge against Binance Holdings Limited, following the discharge of Tigran Gambaryan, the second defendant in the case.

EFCC’s lawyer, Ekele Iheanacho, SAN, informed Justice Emeka Nwite of the decision to amend the charge in accordance with the earlier court order to streamline the court documents. The amendment was not contested by Binance’s legal representative, Okiemute Okwakwa.

Iheanacho requested that the amended charge be provided to the defendant, in line with Section 478 of the Administration of Criminal Justice Act (ACJA) 2015, and asked the court to enter a non-guilty plea for Binance.

After reading the revised six-count charge (FHC/ABJ/CR/138/2024) and entering a non-guilty plea, the judge adjourned the case to February 24 and 25, 2025, for further trial.

This follows a previous argument by Binance’s counsel, Babatunde Fagbohunlu, SAN, who had claimed the EFCC should amend the charge to improve the court documents. While Iheanacho disagreed, Justice Nwite sided with Fagbohunlu’s request, directing the EFCC to make the necessary amendments.

In the revised charge filed on November 25, Binance is the sole defendant. The charges include conspiracy to operate a financial institution without a valid license, operating without a proper license, engaging in unauthorized foreign exchange transactions, and money laundering.

The amended charge also accuses Binance of concealing $35.4 million in illicit earnings generated through its operations in Nigeria.

This follows the earlier release of Tigran Gambaryan, a detained Binance executive, on October 23, after the Federal Government decided to withdraw charges against him.