Catenaa, Tuesday, December 03, 2024 – Nigeria’s Economic and Financial Crimes Commission (EFCC) has strengthened its legal case against Binance and executive Nadeem Anjarwalla, amending charges that accuse the cryptocurrency giant of laundering $35.4 million through unauthorized operations.
The Federal High Court in Abuja heard the amended six-count charge, including allegations of money laundering, unlicensed financial activities, and unauthorized foreign exchange operations.
Anjarwalla, accused of concealing funds tied to unlawful activities, remains at large after fleeing detention earlier this year. The court entered a not-guilty plea on behalf of Binance and Anjarwalla due to their absence.
The trial continues in February 2025, signaling intensified scrutiny of crypto firms in Nigeria, a nation with one of the highest crypto adoption rates globally.
The EFCC’s actions coincide with broader government efforts to regulate cryptocurrency, including tax probes and anti-money laundering crackdowns.
Analysts suggest that a balance between innovation and compliance is critical for emerging markets seeking to engage with digital assets while avoiding legal and financial pitfalls.
