FG Drops Money Laundering Charges Against Binance Executive Gambaryan
The Federal Government has withdrawn money laundering charges against Tigran Gambaryan, an executive of Binance Holdings Limited, citing health concerns and diplomatic pressures.
Gambaryan, who had been facing charges totaling €32.60 million brought by the Economic and Financial Crimes Commission (EFCC), was discharged during a court hearing on Wednesday before Justice Emeka Nwite of the Federal High Court in Abuja. The EFCC’s counsel, R. U. Adagba, informed the court of the government’s decision, explaining that Gambaryan’s poor health and international diplomatic considerations led to the withdrawal.
“The government has reviewed the case, and due to the second defendant’s (Gambaryan) employment with the first defendant (Binance Holdings Limited), whose involvement in the matter has more weight, and for critical international and diplomatic reasons, we seek to discontinue the case against the second defendant,” Adagba stated.
She further noted that the Federal Government would proceed with charges against Binance Holdings Limited.
Gambaryan’s lawyer, Mark Mordi (SAN), appealed to the court for his client’s acquittal, citing Section 108 of the Administration of Criminal Justice Act. However, the prosecution objected, stating that while Gambaryan was being discharged on health grounds, the charges could be revisited as the case had not yet been heard on its merits.
Justice Nwite, after hearing both sides, ordered the discharge of Gambaryan and directed the correctional facility to release him immediately. The court, however, adjourned the case against Binance Holdings Limited to November 22 and November 25 for further hearings.
Gambaryan had been detained at Kuje Correctional Facility since his arraignment in April. His co-defendant, Nadeem Anjarwalla, the exchange’s regional manager for Africa, fled custody in March, leaving Gambaryan to face the charges alone.
The EFCC had initially charged Binance, Gambaryan, and Anjarwalla with money laundering totaling €32.60 million, as part of a broader investigation into alleged financial crimes facilitated by the cryptocurrency platform.
