The Federal Government of Nigeria has withdrawn money laundering charges against Tigran Gambaryan, a key executive of Binance Holdings Limited, citing health issues and diplomatic intervention. Gambaryan, who was the second defendant in a case brought by the Economic and Financial Crimes Commission (EFCC), had been detained pending trial.
During a hearing at the Federal High Court in Abuja, EFCC counsel R. U. Adagba informed Justice Emeka Nwite of the government’s decision. Adagba explained that Gambaryan’s deteriorating health was a major factor in the decision, combined with diplomatic discussions that influenced the government’s stance. Although the charges against Gambaryan were dropped, the EFCC clarified that it would continue its case against Binance Holdings Limited, the first defendant in the case.
Following the arguments from both the EFCC and the defense, Justice Nwite officially discharged Gambaryan from the charges. The trial against Binance Holdings, however, is set to continue, with the court adjourning the case until November 22 and November 25 for further proceedings.
This case has attracted significant attention due to its connection with Binance, one of the world’s largest cryptocurrency platforms, and the increasing global scrutiny of cryptocurrency-related transactions. The development underscores the complexities of dealing with corporate and individual responsibilities within the rapidly evolving cryptocurrency industry. The continuation of the trial against Binance Holdings will be closely watched as it unfolds in the coming months.
