EFCC Amends $35.4 Million Money Laundering Charge Against Binance Following Gambaryan’s Discharge

The Economic and Financial Crimes Commission (EFCC) amended the money laundering charge of $35.4 million against Binance Holdings Limited on Monday, following the discharge of Tigran Gambaryan, a former executive at the cryptocurrency firm.

EFCC’s lead counsel, Ekele Iheanacho, informed Justice Emeka Nwite that the amendment was in compliance with a previous court directive to tidy up the legal documents.

The amended charge, which now includes Binance as the sole defendant, consists of six counts related to illegal financial activities and money laundering.

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In court, Binance’s counsel, Okiemute Okwakwa, did not object to the application for the amended charge.

A non-guilty plea was entered for Binance, and the judge adjourned the case to February 2025 for continued trial.

The charges include allegations that Binance operated as an unlicensed financial institution and illegally negotiated foreign exchange rates, with the firm accused of concealing the origins of over $35 million in unlawful funds.

Justice Nwite had previously ordered the release of Gambaryan from detention after the EFCC withdrew charges against him.