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Nigerian Government Drops Money Laundering Charges Against Binance Executive Tigran Gambaryan
Gambaryan, a U.S. citizen, had been in detention since April, facing allegations tied to the global cryptocurrency exchange’s operations.
Abuja, Nigeria- The Nigerian government has dropped all money laundering charges against Tigran Gambaryan, an executive at Binance Holdings.
Gambaryan, a U.S. citizen, had been in detention since April, facing allegations tied to the global cryptocurrency exchange’s operations.
The decision was announced by the Economic and Financial Crimes Commission (EFCC) at a hearing held at the Federal High Court in Abuja on Wednesday morning.
The sudden hearing came just two days before the previously scheduled return date of October 25, a move some observers believe was designed to minimize public scrutiny.
During the session, the EFCC’s legal representative explained that Gambaryan’s role at Binance did not extend to the company’s overarching financial dealings, leading to the withdrawal of the charges.
Mark Mordi, Senior Advocate of Nigeria and Gambaryan’s attorney, supported the prosecution’s position, asserting that his client’s responsibilities did not involve decision-making on Binance’s broader financial strategies.
Behind the scenes, diplomatic negotiations between Nigerian and U.S. officials have reportedly played a role in Wednesday’s outcome.
Gambaryan had been denied bail twice due to concerns over him being a flight risk, a stance that sparked lobbying efforts from U.S. lawmakers in recent weeks.
The campaigns included direct appeals to Nigerian and American authorities, highlighting the case’s international dimensions.
Judge Emeka Nwite rejected Mr. Gambaryan’s second bail application on October 11, citing insufficient grounds related to his health condition for release from detention.
The judge then set October 18 for the continuation of the trial, but Mr. Gambaryan was unexpectedly absent.
The trial was subsequently rescheduled for October 25, though it was superseded by a surprise hearing on Wednesday, which abruptly concluded the case.
Mr Gambaryan has been in custody at Kuje Correctional Centre in Abuja since his arraignment in April.
He is on trial alongside the cryptocurrency company Binance, facing five charges of money laundering and currency speculation involving up to $34.4 million.
In a separate case, Binance is also dealing with tax evasion charges before a different judge at the Federal High Court in Abuja