Federal Government Withdraws $35m Money Laundering Charges Against Binance Executive
In a dramatic turn of events, the Federal Government has withdrawn the $35 million money laundering charges filed against Tigran Gambaryan, the Executive of Binance Holdings Limited.
According to reports from the Federal High Court in Abuja, the Economic and Financial Crimes Commission (EFCC) counsel, R. U. Adagba, informed Justice Emeka Nwite of the Federal Government’s decision to discontinue the case against Gambaryan due to his ill health and diplomatic pressure.
However, the government will continue to pursue the charges against Binance Holdings Limited. The EFCC maintains that Gambaryan’s status as an employee of the company has more impact on the case than his own personal involvement.
Gambaryan’s counsel, Mark Mordi (SAN), has welcomed the decision, citing Section 108 of the Administration of Criminal Justice Act, and called for his client’s expedited release from the correctional facility.
However, the prosecution has objected to the acquittal request, stating that the case is still active and can be revisited anytime.
Justice Nwite has discharged Gambaryan from the money laundering charges and adjourned the case against Binance Holdings Limited until November 22 and 25 for continuation of the trial.
The development comes after Gambaryan was absent from the previous sitting due to health issues, sparking concerns about his whereabouts.
The court had previously denied Gambaryan’s bail application, citing concerns about his flight risk and the fact that he had refused medication and treatment at top medical institutions.
The case has drawn attention to the crypto industry’s regulatory challenges and the need for greater clarity on the use of digital currencies.
As the trial continues, it remains to be seen how the prosecution will proceed with the case against Binance Holdings Limited and whether the government will revisit the charges against Gambaryan in the future.
Timeline of Events:
- April 8: Gambaryan was arraigned and remanded to Kuje Correctional Facility.
- May 2: Gambaryan’s bail application was argued.
- May 17: Justice Nwite denied Gambaryan’s bail request due to flight risk concerns.
- October 18: Gambaryan was absent from court due to health issues.
- October 25: The court adjourned to update on Gambaryan’s health condition.
- November 22 and 25: The trial against Binance Holdings Limited is set to continue.
Reactions:
- Mark Mordi (SAN), Gambaryan’s counsel: "We welcome the decision and call for our client’s expedited release."
- R. U. Adagba, EFCC counsel: "The government will continue to pursue the charges against Binance Holdings Limited."
What’s Next:
The trial against Binance Holdings Limited is set to continue on November 22 and 25. The government’s decision to withdraw the charges against Gambaryan has raised questions about the future of the case and the regulatory environment for crypto businesses in Nigeria.
