The Federal Government has officially withdrawn the money laundering charges against Tigran Gambaryan, the executive of Binance Holdings Limited. This decision was announced in court on Wednesday, where Gambaryan was facing allegations totaling $35 million. The withdrawal was supported by health considerations and international diplomatic factors.
During the proceedings, counsel for the Economic and Financial Crimes Commission (EFCC), R. U. Adagba, stated that Gambaryan was being released for health reasons. However, the government will continue its charges against Binance Holdings Limited itself.
Adagba emphasized that the decision took into account Gambaryan’s role as an employee of Binance, which was deemed more impactful in the case. She indicated that critical international reasons influenced the decision to discontinue the case against Gambaryan. Furthermore, she noted that Gambaryan’s health had been a persistent issue while in custody, and a recommended surgery could prolong the recovery process, complicating the trial.
Gambaryan’s counsel, Mark Mordi (SAN), requested the court to expedite proceedings to facilitate his client’s release from the correctional center. Citing legal provisions, Mordi sought both acquittal and discharge for Gambaryan. The prosecution opposed the acquittal request, insisting that the case remains active and that Gambaryan’s health condition was the sole reason for his discharge, not a lack of evidence.
Justice Emeka Nwite ultimately ordered Gambaryan discharged from the money laundering charges, with the court set to revisit the case against Binance on November 22 and November 25. Gambaryan is to be immediately released from the correctional facility.
Previously, the court had adjourned a hearing regarding Gambaryan’s health, as he had been absent during a prior session, raising concerns over his well-being. It was later reported that he was receiving medical treatment for his health issues, including a herniated disc and mental health concerns.
Gambaryan’s bail applications have been denied multiple times due to perceived flight risks, as he is a foreign national without familial ties in Nigeria. His former colleague, Nadeem Anjarwalla, who also faced similar charges, escaped lawful custody earlier this year.
As the legal proceedings continue, the implications for Binance Holdings Limited and its executives remain significant, spotlighting the ongoing scrutiny surrounding cryptocurrency operations within the jurisdiction.
