The Economic and Financial Crimes Commission (EFCC) has taken over the probe into Binance Holdings Limited, one of the world’s largest cryptocurrency exchanges. The investigation has taken a dramatic turn with plans to extradite a fleeing executive.
The EFCC has charged Binance and two of its senior executives, Tigran Gambaryan and Nadeem Anjarwalla, with money laundering amounting to $35,400,000. Anjarwalla is currently on the run, and Gambaryan has been detained.
The EFCC has now fully taken over the case from the Office of the National Security Adviser. They have obtained a court warrant to arrest and extradite Anjarwalla, who fled from lawful custody in Nigeria. The anti-graft commission is partnering with the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the government of the United Kingdom, and the Kenyan government to effect the arrest and extradition of Anjarwalla.
Following the takeover of the investigation into the alleged financial irregularities committed by Binance, the EFCC has filed five-count charges bordering on money laundering against the cryptocurrency giant and its two executives, Anjarwalla and Gambaryan. The charges were filed before the Federal High Court of Nigeria, Abuja division.
The charges include carrying on a specialized business of other financial institution without a valid license, engaging in business of other financial institution without a valid license, and using their virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria. They are also charged with conspiring amongst themselves to conceal the origin of the proceeds of their unlawful activities.
The detained Binance executive, Gambaryan, has accused the National Security Adviser, Nuhu Ribadu, and the EFCC of violating his fundamental human rights. He has taken the matter to court.
This case has sent shockwaves through the cryptocurrency industry. It raises questions about the regulation of cryptocurrency exchanges and the measures in place to prevent financial crimes. Will this case set a precedent for future investigations into cryptocurrency exchanges? As the EFCC’s chase continues, the world watches with bated breath.