Set to face charges before Justice Emeka Nwite at the Abuja Federal High Court are Binance executives, Tigran Gambaryan and Nadeem Anjarwalla.
Gambaryan and Anjarwalla will each be presented with two separate charges, according to a report by NewsNow.
The first charge brought by the Economic and Financial Crimes Commission (EFCC) pertains to money laundering and comprises five counts.
Additionally, the Federal Inland Revenue Service (FIRS) has leveled four counts against them, alleging various tax violations.
Anjarwalla, who eluded custody on March 22, is expected to be arraigned in absentia before Justice Nwite.
In the EFCC’s charge filed on March 28, Binance executives are accused of laundering approximately $35,400,000.
The defendants, in the first count, are alleged to have conducted the specialized business of other financial institutions in Abuja between January 2023 and January 2024 without a valid license.
According to the EFCC, this action is an offense against Section 57(1) and (2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and is punishable under Section 57(5) of the same Act.
As for the FIRS charge, filed as FHC/ABJ/CR/115/2024 on March 22, the defendants are claimed to have committed the offense around February 1 of this year.
In the first count, the defendants are accused of failing to register with the FIRS for tax payments while providing services to subscribers on Binance’s platform.
According to the FIRS, this constitutes an offense under Sections 8 and 29 of the Value Added Tax (VAT) Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended), and Section 94 of the Companies Income Tax Act (as amended).
Justice Nwite had previously instructed Binance on March 18 to furnish the EFCC with comprehensive data on all platform traders from Nigeria.
The interim order was issued by the judge in response to an ex-parte motion filed by EFCC’s lawyer, Ekele Iheanacho, to facilitate the investigation into alleged money laundering and terrorism financing on the Binance platform.