TheNewsGuru

Tag: Binance

  • BREAKING: FG arraigns Binance executive for tax evasion

    BREAKING: FG arraigns Binance executive for tax evasion

    Binance’s Head of Financial Crime Compliance, Tigran Gambaryan has arrived the Federal High Court in Abuja for arraignment over allegations of tax evasion.

    In the suit marked FHC/ABJ/CR/115/2024, Binance was accused of failing to register with the Federal Inland Revenue Service, FIRS, for the purpose of paying all relevant taxes administered by the service.

    Gambaryan and Nadeem Anjarwalla, Binance’s Regional Manager for Africa, were detained by the Nigerian authorities on February 28.

    Although Anjarwalla has escaped from the custody of the Office of the National Security Adviser, ONSA, both executives, alongside Binance, are expected to be charged in court by the Federal Government for tax evasion and money laundering on Thursday.

    Wearing a black T-shirt on green pants, Gambaryan was brought into the court at about 9:19 am by officials of the Economic and Financial Crimes Commission, EFCC.

  • Money Laundering: Court to arraign Binance executives tomorrow

    Money Laundering: Court to arraign Binance executives tomorrow

    The Abuja Federal High Court is set to arraign Binance executives, Tigran Gambaryan and Nadeem Anjarwalla tomorrow, (Thursday).

    Gambaryan and Anjarwalla will be charged before Justice Emeka Nwite on two separate charges.

    The one filed by the Economic and Financial Crimes Commission, EFCC, which borders on money laundering, has five counts.

    The other charge, filed by the Federal Inland Revenue Service, FIRS, has four counts, in which they were accused of sundry tax infractions.

    Anjarwalla who escaped custody on March 22 will be arraigned before Justice Nwite in absentia.

    In its charge filed on March 28, the EFCC accused Binance executives of laundering about $35,400,000.

    The defendants, in count one of the charges, are alleged to have, between January 2023 and January 2024 in Abuja, carried out the specialised business of other financial institutions without a valid licence.

    The EFCC said the act constitutes an offence contrary to Section 57(1) and (2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and was punishable under Section 57(5) of the same Act.

    In the charge by the FIRS, marked: FHC/ABJ/CR/115/2024 filed on March 22, the defendants were alleged to have committed the offence on or about February 1 this year.

    In count one, the defendants are accused of failing to register with the FIRS to pay all relevant taxes while carrying out and offering services to subscribers on their platform (Binance).

    The FIRS said the act constitutes an offence punishable under Sections 8 and 29 of the Value Added Tax (VAT) Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended) and under provisions of Section 94 of the Companies Income Tax Act (as amended).

    On March 18, Justice Nwite had ordered Binance to provide the EFCC with a comprehensive data or information of all those trading on its platform from Nigeria.

    The judge granted the interim order in a ruling on an ex-parte motion filed by EFCC’s lawyer, Ekele Iheanacho.

    The judge said the interim order was to enable the EFCC to investigate its claim that money laundering and terrorism financing activities were being allowed on Binance’s platform.

  • EFCC to arraign 2 top officials of Binance on Thursday

    EFCC to arraign 2 top officials of Binance on Thursday

    The Economic and Financial Crimes Commission (EFCC) will, on Thursday, arraign Tigran Gambaryan and Nadeem Anjarwalla, two top officials of Binance Holdings Ltd on five counts of money laundering charge.

    NAN reliably gathered on Tuesday that Binance, Gambaryan and Anjarwalla, who escaped from lawful custody on March 22 and fled Nigeria, will be arraigned before Justice Emeka Nwite of a Federal High Court (FHC), Abuja.

    Although the crypto exchange firm, Gambaryan and Anjarwalla are listed as 1st to 3rd defendants respectively, Anjarwalla, who is described to be “at large” by the EFCC in the counts, is expected to be arraigned in absentia.

    In the charge dated and filed on March 28 by the anti-graft agency, the trio is being accused of money laundering to the tune of $35,400,000.

    Count one accused the defendants between January 2023 and January 2024 in Abuja of carrying on specialised business of other financial institution without 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.

    NAN had, on March 28, also reported that the Federal Inland Revenue Service (FIRS) will, on April 4, arraigned Binance Holdings Limited, Gambaryan and fleeing Anjarwalla, on allegations bordering on tax evasion.

    In the charge marked FHC/ABJ/CR/115/2024, the three defendants will equally be arraigned before Justice Nwite on four counts.

    Though the FHC’s Easter vacation, which began on March 22, will come to an end on April 8, the Chief Judge of FHC, Justice John Tsoho, directed the transfer of Binance case file to Justice Nwite, even though he is not a vacation judge.

    The chief judge granted the fiat for the judge to handle the case during vacation being a matter that concerns dire national interest.

    In the charge dated and filed March 22 by the FIRS, the defendants were alleged to have committed the offence on or about Feb. 1.

    Count one alleged that while involved in carrying and offering services to subscribers on their platform, known as Binance, failed to register with the FIRS, for the purpose of paying all relevant taxes administered by the service.

    The offences are said to be punishable under Sections 8 and 29 of the VAT Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended) and under provisions of Section 94 of the Companies Income Tax Act (as amended) respectively.

    The two cases were fixed for Thursday to allow for accelerated hearing.

    On March 18, Justice Nwite ordered Binance Holdings Limited to provide the EFCC with the comprehensive data or information of all persons from Nigeria trading on its platform.

    The judge granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

    The interim order was granted to enable the anti-graft agency unravel the alleged money laundering and terrorism financing on Binance platform.

    The commission said it uncovered users who had been using the platform for price discovery, confirmation and market manipulation which had caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.

    The EFCC said that from the information afforded to its team of Investigators by Binance showed that the total trading volume from Nigeria in 2023 alone stood at 21.6 billion dollars.

  • FG to arraign Binance, 2 others for alleged tax evasion April 4

    FG to arraign Binance, 2 others for alleged tax evasion April 4

    The Federal Government will, on April 4, arraigned Binance Holdings Limited and its two top officials; Tigran Gambaryan and fleeing Nadeem Anjarwalla, on allegations bordering on tax evasion.

    It was gathered on Thursday that Binance, Mr Gambaryan and Mr Anjarwalla, listed as 1st to 3rd defendants respectively, are expected to be arraigned before Justice Emeka Nwite of a Federal High Court (FHC), Abuja on four-count charge.

    While Anjarwalla is Binance’s Africa regional manager, Gambaryan, is a US citizen overseeing financial crime compliance at the crypto exchange platform.

    However, Anjarwalla, who had been in detention alongside Gambaryan, was said to have escaped from lawful custody.

    Anjarwalla escaped on Friday from the Abuja guest house where he and his colleague were detained after guards on duty led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast.

    The Briton, who also has Kenyan citizenship, is believed to have flown out of Abuja using a Middle East airliner.

    NAN reports that though the FHC’s Easter vacation, which began on March 22, will come to an end on April 8, the Chief Judge of FHC, Justice John Tsoho, directed the transfer of Binance case file to Justice Nwite.

    Although Justice Nwite is not a vacation judge, it was gathered that the chief judge granted the fiat for the judge to handle the case during vacation being a matter that concerns dire national interest.

    Hearing notices had been related to the Federal Inland Revenue Service (FIRS), the prosecuting agency, and counsel to other parties for the defendants to take their plea.

    In the charge marked: FHC/ABJ/CR/115/2024 dated and filed March 22 by the FIRS’ team of lawyers, led by Moses Ideho, the defendants were alleged to have committed the offence on or about Feb. 1.

    Count one alleged that while involved in carrying and offering services to subscribers on their platform, known as Binance, failed to register with the FIRS, for the purpose of paying all relevant taxes administered by the service.

    Count two alleged that while they were offering taxable services to subscribers on their trading platform known as Binance, failed to issue invoices to those subscribers for the purposes of determining and payment of their value added taxes (VATs).

    Count three accused them of offering services to subscribers on their trading platform in the buying and selling of cryptocurrencies and in the remittance and transfer of those assets, and that having offered those services, was obliged to deduct VATs, and did fail to deduct necessary VATs, arising from their operations.

    In count four, the defendants were alleged to have while involved in the offering of services to subscribers on their trading platform, did aid and abet those subscribers to unlawfully refuse to pay taxes, or neglect to pay those taxes.

    The offences are said to be punishable under Sections 8 and 29 of the VAT Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended) and under provisions of Section 94 of the Companies Income Tax Act (as amended) respectively.

    In the affidavit deposed to by Mercy Aliyu, a legal officer with the FIRS’ Litigation and Prosecution Department, she averred that investigations that culminated to the charge had substantially been concluded.

    She said that “there are reasonable grounds that a prima facie case of tax evasion exists against the accused persons.”

    Aliyu said the following documents would be tendered in the course of the trial, including a tax investigation report on the activities of Binance.

    She also said statement of Stephen Dazi Hoke, statement of Saudi Abdulsalam, statement of Saliu Olarewanju and a letter signed by Siemon Kato requesting for information from Taxpro Max all dated March 19 would be tendered.

    Besides, she said a report on the investigation on the activities of Binance, with respect to tax evasion also dated March 19 and any other reports on the tax evasion of Binance would be made available to establish their case.

    On March 18, Justice Nwite ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with the comprehensive data or information of all persons from Nigeria trading on its platform.

    The judge granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

    The interim order was granted to enable the anti-graft agency unravel the alleged money laundering and terrorism financing on Binance platform.

    The commission said it uncovered users who had been using the platform for price discovery, confirmation and market manipulation which had caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.

    The EFCC said that from the information afforded to its team of Investigators by Binance showed that the total trading volume from Nigeria in 2023 alone stood at 21.6 billion dollars

  • BREAKING: Escaped Binance executive, colleague sue Nigerian govt

    BREAKING: Escaped Binance executive, colleague sue Nigerian govt

    Nadeem Anjarwalla, Binance’s Africa regional manager, who escaped from lawful custody March 22 has filed a right enforcement suit against the Nigerian government.

    His colleague, Tigran Gambaryan, detained along with him has also sued the National Security Adviser (NSA) Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC) over alleged violation of his fundamental rights.

    Gambaryan, in the originating motion dated and filed March 18 by his lawyer, Olujoke Aliyu, from Aluko and Oyebode Law Firm, sought five reliefs before Justice Inyang Ekwo.

    Anjarwalla filed his right enforcement suit also before Justice Ekwo.

    Anjarwalla and Gambaryan, in the suits marked FHC/ABJ/CS/355/24 and FHC/ABJ/CS/356/24 sued the Office of NSA (ONSA) and EFCC as 1st and 2nd respondents.

    Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, in his application, sought a declaration that his detention and seizure of his international travel passport, contravened Section 35 (1) and (4) of 1999 Constitution (As Amended).

    He said the act amounted to a violation of his fundamental right to personal liberty as guaranteed by the constitution.

    He also sought an order directing the respondents to release him from their custody and! return his international travel passport with immediate effect.

    Gambaryan equally sought an order of perpetual injunction restraining the respondents and agents from further detaining him in relation to any investigation into or demands from Binance.

    The official, who sought an order for the respondents to issue a public apology to him, also prayed for the cost of the action on a full indemnity basis.

    In a statement in support of the suit, he said he is an American citizen who visited Nigeria on Feb. 26 February, along with fleeing Anjarwalla, as a representative of Binance, to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.

    Giving 11-ground argument why his application should be granted, he said that he and his colleague, Anjarwalla, dutifully attended the meeting.

    He said after the meeting the two of them were detained by the respondents and had remained in detention since then.

    He said he did not commit any offence during the meeting, and neither was he informed in writing of any offence he personally committed in Nigeria at any other time.

    “The only reason for his detention is because the government is requesting information from Binance and making demands on the company,” he said, adding that he was not a member of the Board of Directors of Binance.

    When the two suits were called on Thursday, T.J. Krukrubo, SAN, appeared for Anjarwalla and Gambaryan

    Krukrubo, told the court that though the respondents were served two days ago, they were not represented in court.

    The senior lawyer, however, drew the attention of the court to their notice of withdrawal of legal representation for Anjarwalla filed on March 26.

    Although Krukrubo did not give details of why they were withdrawing their legal representation, this might not be unconnected to the disappearance of the applicant in custody.

    Justice Ekwo said having withdrew their legal representation, “it means that the applicant has no legal representation and requires that the matter be adjourned for the applicant to seek legal representation and for the respondents to be given an opportunity to come to court.”

    The judge adjourned the matter until April 8 for further mention.

    Also, upon resumed hearing in Gambaryan’s suit, Krukrubo said though the processes had been served on ONSA and EFCC, they were still within time to respond.

    He therefore sought an adjourned date, saying the respondents time to file their applications would expire next week Thursday.

    Justice Ekwo consequently adjourned the matter until April 8 for further mention.

    FG set to arraign Binance, executives for alleged tax evasion April 4

    Meanwhile, the Federal Government will, on April 4, arraign Binance Holdings Limited and its two top officials; Tigran Gambaryan and fleeing Nadeem Anjarwalla, on allegations bordering on tax evasion.

    It was reliably gathered on Thursday that Binance, Mr Gambaryan and Mr Anjarwalla, listed as 1st to 3rd defendants respectively, are expected to be arraigned before Justice Emeka Nwite of a Federal High Court (FHC), Abuja on four-count charge.

    While Anjarwalla is Binance’s Africa regional manager, Gambaryan, is a US citizen overseeing financial crime compliance at the crypto exchange platform.

    However, Anjarwalla, who had been in detention alongside Gambaryan, was said to have escaped from lawful custody.

    Anjarwalla escaped on Friday from the Abuja guest house where he and his colleague were detained after guards on duty led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast.

    The Briton, who also has Kenyan citizenship, is believed to have flown out of Abuja using a Middle East airliner.

    Though the FHC’s Easter vacation, which began on March 22, will come to an end on April 8, the Chief Judge of FHC, Justice John Tsoho, directed the transfer of Binance case file to Justice Nwite.

    Although Justice Nwite is not a vacation judge, it was gathered that the chief judge granted the fiat for the judge to handle the case during vacation being a matter that concerns dire national interest.

    Hearing notices had been related to the Federal Inland Revenue Service (FIRS), the prosecuting agency, and counsel to other parties for the defendants to take their plea.

    In the charge marked: FHC/ABJ/CR/115/2024 dated and filed March 22 by the FIRS’ team of lawyers, led by Moses Ideho, the defendants were alleged to have committed the offence on or about Feb. 1.

    Count one alleged that while involved in carrying and offering services to subscribers on their platform, known as Binance, failed to register with the FIRS, for the purpose of paying all relevant taxes administered by the service.

    Count two alleged that while they were offering taxable services to subscribers on their trading platform known as Binance, failed to issue invoices to those subscribers for the purposes of determining and payment of their value added taxes (VATs).

    Count three accused them of offering services to subscribers on their trading platform in the buying and selling of cryptocurrencies and in the remittance and transfer of those assets, and that having offered those services, was obliged to deduct VATs, and did fail to deduct necessary VATs, arising from their operations.

    In count four, the defendants were alleged to have while involved in the offering of services to subscribers on their trading platform, did aid and abet those subscribers to unlawfully refuse to pay taxes, or neglect to pay those taxes.

    The offences are said to be punishable under Sections 8 and 29 of the VAT Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended) and under provisions of Section 94 of the Companies Income Tax Act (as amended) respectively.

    In the affidavit deposed to by Mercy Aliyu, a legal officer with the FIRS’ Litigation and Prosecution Department, she averred that investigations that culminated to the charge had substantially been concluded.

    She said that “there are reasonable grounds that a prima facie case of tax evasion exists against the accused persons.”

    Aliyu said the following documents would be tendered in the course of the trial, including a tax investigation report on the activities of Binance.

    She also said statement of Stephen Dazi Hoke, statement of Saudi Abdulsalam, statement of Saliu Olarewanju and a letter signed by Siemon Kato requesting for information from Taxpro Max all dated March 19 would be tendered.

    Besides, she said a report on the investigation on the activities of Binance, with respect to tax evasion also dated March 19 and any other reports on the tax evasion of Binance would be made available to establish their case.

    Justice Nwite had ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with the comprehensive data or information of all persons from Nigeria trading on its platform.

    The judge granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

    The interim order was granted to enable the anti-graft agency unravel the alleged money laundering and terrorism financing on Binance platform.

    The commission said it uncovered users who had been using the platform for price discovery, confirmation and market manipulation which had caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.

    The EFCC said that from the information afforded to its team of Investigators by Binance showed that the total trading volume from Nigeria in 2023 alone stood at 21.6 billion dollars.

  • Escape of Binance executive and other security matters – By Etim Etim

    Escape of Binance executive and other security matters – By Etim Etim

    By Etim Etim

    The escape of Nadeem Anjanwalla, one of the two detained executives of Binance Holdings Ltd, from the DSS custody in Abuja is the most embarrassing security breach of the Tinubu administration and it’s a clear pointer to the porosity of our fight against terrorism and financial crimes. Elsewhere, such lapses would automatically lead to the sack of the security chief, arrest of the guards and their supervisors and the resignation of the supervising minister. But in Nigeria, the government will move on as if nothing happened. So far, the government has remained tightlipped.

    Anjarwalla and his colleague, Tigran Gamabaryan, together with their company, Binance Holdings, were facing charges of tax evasion, money laundering and other offences in the Federal High Court Abuja. The two men have been in DSS custody since February 26 when they arrived the country. Anjarwalla is Binance’s Africa regional manager and Gambaryan, a US citizen is its compliant officer.

    The company is facing serious criminal charges including nonpayment of VAT, company income tax and complicity in aiding its customers to evade taxes through its platform; failure to register with FIRS for tax purposes and unwillingness to collect and remit various categories of taxes to the federal government, thus contravening Section 40 of the FIRS Act of 2007. In addition, Binance is accused of encouraging speculative currency trading on its platform which was responsible for the drastic fall in the value of the Naira.  The two men are co-defendants in the case.

    A criminal charge was filed against the two executives before a Magistrate Court in Abuja, and on February 28, the court granted the Economic and Financial Crimes Commission (EFCC) an order to remand the duo for 14 days. The court also ordered Binance to provide the Nigerian government with the data/information of Nigerians trading on its platform. But the company refused to comply with the order and the court extended the remand of the officials for an additional 14 days to prevent them from tampering with evidence. The court then adjourned the case till April 4. Meantime, the government has revealed that over $21.6 billion was traded by Nigerians whose identities were concealed by Binance. The government also believes that some dubious persons were using Binance for money laundering, terrorist financing, currency speculation and market manipulation, distorting the Nigerian economy and weakening the Naira against other currencies.

    These are very serious indictments that border on serious economic sabotage against the Federal Republic of Nigeria. Whosoever aided and abetted the escape of one of them should be treated as an economic saboteur and an enemy of Nigeria. According to Premium Times, Anjarwalla, 38, escaped on Friday, 22 March, from the Abuja guest house of the DSS where he and his colleague were detained after guards on duty led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast. A British citizen with a dual Kenyan citizenship, Anjarwalla is believed to have fled on a Middle East airliner. Security officials are however puzzled that Anjarwalla left the country although his British passport, with which he entered Nigeria, had been seized by the Nigerian authorities.

    I am not puzzled. Rich people can wangle their way out of any tight situation, especially in a nation of corrupt officials. For a man who was detained in a comfortable setting in a guest house and allowed use of telephones, it is no brainer that he was able arrange for his Kenyan passport to be sent to him, and with that he fled Nigeria. It is also likely that Anjawarlla had also compromised our security guards with huge financial inducements. In December 2019, Nissan chief executive, Carlos Ghosn, escaped from a house arrest in Japan to his country, Lebanon, in what has been described as a most daring escape of the 21st century.

    The escape of the Binance executive is the latest in the long string of security challenges that has plagued the country in recent months, the recent being the kidnap of over 140 school children in Kaduna and killings of 17 soldiers and six policemen in Delta State. Although President Tinubu has shown some courage in tackling insecurity, there are indications that there are powerful fifth columnists who are willing to sabotage his efforts. The persistent killings of peasant farmers in North Central region and the inability of the security forces to stop them smacks of collusion between some elements in the security forces and the terrorists. The upsurge in violence in the Niger Delta, especially the persistent massacres of soldiers and policemen is seen as an attempt to plunge the region into another orgy of violence in order to disrupt oil production. A prolonged cessation oil exports may lead to an unprecedented economic crisis and immense social upheavals.

    In many jurisdictions, Binance is mired in legal controversies. In February, Binance Holdings Ltd agreed to pay $4.3 billion fine in a plea deal to settle criminal money laundering charges levelled by the US Department of Justice. Binance founder and CEO Changpeng Zhao, also known as CZ, pleaded guilty and agreed to resign. His criminal trial has been postponed to 30 April by a US court. The government must seek to bring Anjawarlla back to face the law and all those who are complicit in his escape should be punished.

  • ONSA breaks silence on escape of Binance executive from detention

    ONSA breaks silence on escape of Binance executive from detention

    Office of the National Security Adviser (ONSA) has confirmed that Nadeem Anjarwalla, an executive of Binance, indeed escaped from detention.

    TheNewsGuru.com (TNG) reports Anjarwalla, Binance’s Director of West & East Africa, and Tigran Gambaryan, Binance’s Head of Financial Crime Compliance were being held in detention in Nigeria.

    However, reports emerged on Monday that Anjarwalla escaped from detention after guards on duty led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast.

    The Binance executive, a Briton, who also has Kenyan citizenship, is believed to have flown out of Abuja via a Middle East airliner using a Kenyan passport.

    Reacting, ONSA confirmed that indeed Anjarwalla, a suspect in the ongoing criminal probe into the activities of Binance in Nigeria escaped from lawful custody on Friday, 22 March 2024.

    “Upon receiving this report, this office took immediate steps, in conjunction with relevant security agencies , MDAs, as well as the international community, to  apprehend the suspect.

    “Security agencies are working with Interpol for an international arrest warrant on the suspect,” a statement by Zakari U. Mijinyawa, Head of Strategic Communication, Office of the National Security Adviser reads.

    According to the statement by Mijinyawa, preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport.

    “The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,” the statement added.

    Recall that the Federal Government of Nigeria has been investigating money laundering and terrorism financing transactions perpetrated on the Binance currency exchange platform.

    Until his escape, Nadeem Anjarwalla, who holds British and Kenyan nationalities  and serving as Binance’s Africa regional manager, was being tried by Nigerian courts.

    The suspect escaped while under a 14-day remand order by a court in Nigeria, according to Mijinyawa, adding that Anjarwalla was  scheduled to appear before the court again on 4 April 2024.

    “We urge the Nigerian  public and the international community to provide whatever information they have that can assist law enforcement agencies to apprehend the suspect,” the statement added.

  • BREAKING: Binance executive escapes from detention in Nigeria

    BREAKING: Binance executive escapes from detention in Nigeria

    One of the Binance executives, Nadeem Anjarwalla, detained by the Nigerian government, over issues related to tax evasion and other offences, has reportedly escaped from detention.

    TheNewsGuru.com (TNG) reports Anjarwalla, Binance’s Africa regional manager was detained along with Tigran Gambaryan, Binance’s Head of Financial Crime Compliance when they arrived in Nigeria in February.

    According to a report, Anjarwalla escaped from detention on Friday, 22 March, from a guest house in Abuja, Nigeria’s federal capital territory (FCT), where himself and Gambaryan were detained.

    Recall that Binance, a global cryptocurrency company, is currently under probe in the country over activities relating to tax evasion, currency speculation and manipulation.

    The online financial company has been operating in the cyber space of Nigeria for more than six year with not less than 20 million Nigerians on the platform.

    The probe is part of efforts by the Central Bank of Nigeria (CBN), together with anti-graft agencies, to discourage currency speculation, with illegal Bureaux de Change operators not spared.

    Following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by the Office of the National Security Adviser (ONSA), the Special Investigation Team (SIT) “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance.

    Information afforded to the team by Binance showed that the total trading volume from Nigeria in 2023 alone on the cryptocurrency exchange that lists more than 350 cryptocurrencies globally stood at $21.6 billion.

    It was gathered that Anjarwalla escaped from detention a day after the Nigerian government slammed a four-count criminal charge against him, Gambaryan and Binance.

    According to PT sources, Anjarwalla escaped after guards on duty led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast.

    The Binance executive, a Briton, who also has Kenyan citizenship, is believed to have flown out of Abuja via a Middle East airliner using a Kenyan passport.

    TNG recalls the Nigerian House of Representatives Committee on Financial Crimes had earlier recommended the arrest of the Chief Executive Officer (CEO) of Bianace, Changpeng Zhao.

    A Federal High Court in Abuja had also ordered Binance to provide the Economic and Financial Crimes Commission (EFCC) with the comprehensive data of all persons from Nigeria trading on its platform.

    Following refusal to cooperate in the investigation, the two Binance executives who were remanded for 14 days had the remand extended by for an additional 14 days to prevent them from tampering with evidence.

  • Just In: Court orders Binance to release data to EFCC

    Just In: Court orders Binance to release data to EFCC

    A Federal High Court, Abuja has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission with the comprehensive data or information of all persons from Nigeria trading on its platform.

    Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

    “The applicant’s application dated and filed 29th February, 2024, is hereby granted as prayed.

    “That an order of this honourable court is hereby made directing the operators of Binance to provide the commission with comprehensive data/information relating to all persons from Nigeria trading on its platform,” the judge ordered.

    The interim order was granted to enable the anti-graft agency unravel the alleged money laundering and terrorism financing on Binance, a crypto currency exchange platform.

    A certified true copy of the ruling, which was delivered on Feb. 29, was sighted by NAN on Monday.

    The ex-parte motion, marked: FHC/ABJ/CS/259/2024, was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.

    In the affidavit in support of the motion deposed to by Hamma Bello, an operative of the EFCC, he said he was attached to the Special Investigation Team (SIT) of the commission domiciled in the Office of the National Security Adviser (ONSA).

    Bello averred that, following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by the ONSA, the SIT “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a crypto currency exchange platform.

    “That on receipt of the Intelligence, the team began investigation by conducting surveillance of the activities of the platform.

    “That the team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.

    “That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform.

    “That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 (twenty one billion, six hundred million dollars).

    “Attached and marked as Exhibit EFCC 1 is a copy of the document from Binance to the ONSA stating this fact amongst others.

    “That the commission will ensure that investigation is conducted within such reasonable time.”

    Bello, who said that the matter was of utmost urgent public interest, said the data provided would enable the commission accomplish its investigation activities.

    He said it was in the interest of justice to grant the application as refusal of the request woulf largely hamper the commission’s investigation.

    Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally.

    In addition to cryptocurrency trading, it offers several services that enhance the experience for users and blockchain developers.

    NAN

  • After Binance, Reps go all out against IMTOs, P2P marketplace

    After Binance, Reps go all out against IMTOs, P2P marketplace

    The House of Representatives has resolved to investigate the national security implications of the current status of cryptocurrency, blockchain, and other digital asset transactions.

    This followed the adoption of a motion by Rep. Isiaka Ibrahim (APC-Ogun), during plenary in Abuja.

    Moving the motion, Isiaka said that the growing global concerns about the national security implications of cryptocurrency transactions through cryptocurrency exchanges including consumer and investor security.

    He said these exchanges enable money laundering by criminals and terrorists for their illicit activities.

    Adopting the motion, the House said it would investigate international money transfer operators, payment gateways and platforms, cloud computing.

    Others include: infrastructure (networks) and all online peer-to-peer (P2P) marketplace, utility sharing based platforms and their practices, in Nigeria.

    The lawmakers said the investigation would identify threats to national security and gaps in legislative framework, statutes, and regulations to the detriment of the country.

    The House said that the current status of the E-Naira on the global cryptocurrency platform, the cost incurred, processes undertaken, and statutory compliance in creating the digital currency would also be investigated.

    The House also resolved to engage all relevant stakeholders to initiate necessary processes for establishing required legislation and regulations.

    The lawmakers said that the profile of operators in the sector such as legal status, parent company, and access to their compliance with existing statutes should be unraveled.

    The House said that their complicity in infractions against Nigeria including money laundering, illicit transactions, currency speculation and bad practices would be looked into.

    The House also resolved to superintend the engagement of the office of the National Security Adviser and other relevant agencies, cryptocurrency exchanges in tracking and recovering illicit and laundered funds or assets.

    The lawmakers said they will ensure that equity, probity, transparency, the rule of law, and international best practices were observed by the government in investigating cryptocurrency exchanges and others.

    The House  referred the matter to the committee on National security and Intelligence to report back to the House for further deliberations.