On Monday, Binance and one of its executives, Tigran Gambaryan, were subject to accusations on five count charges bordering on money laundering by the Federal Government of Nigeria.
Gambaryan, who took the plea on behalf of the company as its representative denied the accusations leveled against him and his company.
Earlier on, Justice Emeka Nwite, in a brief ruling, dismissed the objections by Gambaryan to take plea on behalf of the company on the ground that he was not its representative and had no authority to do so.
Justice Nwite, in dismissing the objection, held that Gambaryan had in an affidavit claimed to be a representative of the company and transacted businesses on its behalf in Nigeria.
The anti-graft agency said the offences, which were committed between January 2023 and December 2023 in Abuja, were contrary to and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Count one accused the defendants between January 2023 and January 2024 in Abuja of carrying on the specialised business of other financial institutions without valid license.
The offence is said to be contrary to Section 57(1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under Section 57(5) of the same Act.
Justice Nwite turned down the foreign national’s plea to be confined in the custody of the Economic and Financial Crimes Commission, EFCC.
At the closure of the briefing, Justice Nwite finally prearranged April 18 for hearing of the defendant’s application for bail and May 2 for the trial of the charges.
saharandaily