The Economic and Financial Crimes Commission (EFCC) is prosecuting Binance Holdings Limited and its Executive Officer, Tigran Gambaryan, for alleged tax evasion, currency speculation, and money laundering to the tune of $34,400,000.
At the Federal High Court, the first prosecution witness, Abdulkadir Abbas, testified that Binance’s activities did not conform to the Security and Exchange Commission’s (SEC) extant law. According to Abbas, Binance failed to register with the SEC before operating in Nigeria, and its activities were not captured by the SEC’s regulatory Act of 2007.
The witness explained that the SEC requires digital asset service providers to register with the commission before commencing operation in the country, and pay processing, application, and registration fees. However, Binance did not comply with these requirements.
The trial continues, with the defense counsel, Babatunde Fagbohunlu, SAN, cross-examining the witness. The case has sparked interest in the regulation of digital assets in Nigeria, and the need for compliance with extant laws.
