The Economic and Financial Crimes Commission (EFCC) persisted with its alleged money laundering charges against Tigran Gambaryan, an executive of Binance Holdings Ltd, at a Federal High Court in Abuja on Thursday.

Jerrymusa.com reports that this development came despite the Federal Inland Revenue Service (FIRS) withdrawing its tax evasion charge against Gambaryan and the cryptocurrency exchange platform.

The EFCC’s five-count charge against Binance and Gambaryan involves money laundering allegations totaling $35.4 million, as well as suspected terrorism financing.

Binance Violates Regulatory Law

“The private company must become a Public Limited Company (PLC) before it can engage in IPO (Initial Public Offer),” said Abdulkadir Abbas, a Director at the Security and Exchange Commission (SEC).

He added that Binance failed to register with the SEC and violated regulations, including those related to Bitcoin trading platforms.

Justice Emeka Nwite presided over the case, which saw the EFCC’s witness, Abdulkadir Abbas, testify against the defendants.

The case was adjourned until June 21 for further cross-examination, with Gambaryan’s counsel, Babatunde Fagbohunlu (SAN), set to continue questioning the witness.

“We will continue to cross-examine the witness on the next adjourned date,” said Fagbohunlu.