Binance Company and one of its executives, Tigran Gambaryan, was, on Monday, arraigned on five count charges bordering on Money Laundering by the Economic and Financial Crime Commission (EFCC).
On arraignment, Tigran Gambaryan pleaded not guilty of the alleged offences before Justice Emeka Nwite of the Federal High Court, Abuja.
Before the arraignment, Justice Emeka Nwite had in a brief ruling dismissed the objection by Gambaryan to taking plea on behalf of Binance on the ground that he was not its representative and had no written authority to do so.
The court held that Gambaryan had in an affidavit claimed to be representative of the company and transacted businesses on its behalf in Nigeria.
The anti-graft agency through its counsel, Ekele Iheanacho 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 alleged that the defendants between January 2023 and January 2024 in Abuja carried out specialised business of other financial institutions without valid licences.
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 foreign national pleaded to be remanded at the custody of the Economic and Financial Crimes Commission EFCC, the plea was turned down by Justice Nwite.
The judge subsequently ordered that the defendant be taken to Kuje Prison on remand.
In the meantime, the matter has been adjourned until April 18 for hearing of the defendant’s application for bail and May 2 for trial of the charges.
