Court remands Binance’s executive in Kuje correctional centre

THE Economic and Financial Crimes Commission ( EFCC), yesterday, arraigned Binance Company and one of its executives, Tigran Gambaryan, on five count charges bordering on money laundering.

Gambaryan, who took a plea on behalf of the firm as its representative, however, denied committing the alleged offences at the Federal High Court in Abuja where the arraignment was held.

Before the prosecution, Justice Emeka Nwite, had in a brief ruling, dismissed Gambaryan’s objection to take a plea on behalf of Binance on the ground that he was not its representative and had no written authority to do so. The judge, in dismissing the protestation, 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, through its counsel, Ekele Iheanacho, said the offences, reportedly 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 alleged that the defendants between January 2023 and January 2024 in Abuja carried out specialised business of other financial institutions without a valid licence.

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.

Although the foreigner pleaded to be remanded at EFCC custody, the plea was turned down by Justice Nwite.

He, subsequently, ordered that he should be kept in Kuje Correctional Centre.

The judge, thereafter, fixed April 18 for hearing the defendant’s application for bail and May 2 for trial.

In the charge filed on March 28 by EFCC, the defendants were accused of laundering money to the tune of $ 35,400,000.