FG Drops Money Laundering Charges Against Binance Executive Gambaryan
The federal government has dropped all charges against Tigran Gambaryan, an executive at Binance Holdings, who had been detained since April and was facing trial for money laundering.
The Economic and Financial Crimes Commission (EFCC) announced the withdrawal of charges at the Federal High Court in Abuja on Wednesday morning.
It should be noted that the presiding judge, Emeka Nwite, had previously denied Gambaryan bail on two occasions, citing concerns over the possibility of him fleeing the country.
During his detention, Gambaryan’s health reportedly worsened, with prison officials describing his condition as “very sick.”
Gambaryan, a U.S. citizen and former IRS agent, was arrested in February while in Nigeria to address regulatory issues related to Binance. He was charged with money laundering and operating an unlicensed financial institution.
However, the prosecution’s lawyer clarified that Gambaryan was merely an employee of Binance and not involved in the company’s major financial decisions. Mark Mordi, Gambaryan’s defense attorney and Senior Advocate of Nigeria, concurred with this assessment.
Reports suggest that intense diplomatic negotiations between Nigerian and U.S. officials contributed to Gambaryan’s release.
Additionally, U.S. lawmakers had advocated for his release, sending letters to the relevant Nigerian authorities urging intervention.
