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On Wednesday, the Nigerian government officially withdrew the money laundering charge against Tigran Gambaryan, an executive at Binance Holdings Limited. The decision was made due to Mr. Gambaryan’s declining health and diplomatic interventions.
Mr. Gambaryan, who was the second defendant in a case brought by the Economic and Financial Crimes Commission (EFCC), had been detained as part of an investigation into money laundering allegations involving Binance, the leading cryptocurrency exchange.
During a hearing before Justice Emeka Nwite of the Federal High Court in Abuja, the EFCC’s legal representative, R.U. Adagba, explained the government’s decision to drop the charges against Mr. Gambaryan. The move was primarily based on his deteriorating health condition, which made continued legal proceedings against him impractical.
However, Ms. Adagba made it clear that the charges against Binance Holdings Limited, the first defendant in the case, would continue. Justice Nwite, after hearing from both the prosecution and the defense teams, formally discharged Mr. Gambaryan from the case. The court then scheduled the continuation of the trial against Binance for November 22 and November 25.
The case against Binance stems from allegations of financial misconduct and money laundering within the cryptocurrency space, a growing concern for financial regulators worldwide. While Mr. Gambaryan has been released from legal obligations, Binance still faces scrutiny from Nigerian authorities as the trial moves forward.
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