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The Federal Government of Nigeria has withdrawn the $35 million money laundering charges against Tigran Gambaryan, an executive at Binance Holdings Limited. The Economic and Financial Crimes Commission (EFCC) had filed the charges, but Gambaryan was discharged on health grounds and in response to diplomatic pressure.
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Federal Government Withdraws Charges Against Gambaryan
During Wednesday’s proceedings, EFCC counsel R. U. Adagba informed Justice Emeka Nwite that the charges against Gambaryan would be dropped due to his ongoing health issues. “The government has reviewed the case, and considering that the second defendant (Gambaryan) is an employee of the first defendant (Binance Holdings Limited), as well as some critical international and diplomatic reasons, the state seeks to discontinue the case against the second defendant,” Adagba said.
Prosecution to Continue Pursuing Binance Holdings Limited
Despite the dismissal of charges against Gambaryan, the Federal Government indicated it would continue pursuing legal action against Binance Holdings Limited. The crypto exchange, Gambaryan, and its British-Kenyan regional manager for Africa, Nadeem Anjarwalla, face allegations of money laundering totaling $35 million.
Court Cites Gambaryan’s Health as Reason for Discharge
Adagba noted that Gambaryan’s health had been a “recurrent issue,” with a surgery recommended that could extend his recovery time, potentially delaying the trial. The court acknowledged that Gambaryan’s discharge was not due to a lack of evidence but based on medical concerns. Prosecution clarified that the charges could be revisited in the future, emphasizing that the case had not yet been heard on its merits.
Justice Nwite ordered the correctional facility to release Gambaryan immediately, following his counsel’s appeal under Section 108 of the Administration of Criminal Justice Act. Gambaryan’s lawyer, Mark Mordi (SAN), called for an expedited process to facilitate his client’s release from detention.
Calls Grow for the Release of Binance Executive Amidst International Pressure
The decision to drop the charges comes amid mounting pressure on the Nigerian government to review the case against Binance and its detained executive. Recently, tech investor Iyinoluwa Aboyeji joined the calls for Gambaryan’s release, arguing that the detention did not align with international best practices.
In a LinkedIn post, Aboyeji pointed out that Binance’s CEO, who faced similar regulatory challenges, was released from a U.S. jail after four months and the company had paid over $5 billion in fines. “We shouldn’t hold on to Mr. Tigran for double that time. What most other countries have done is fine Binance. I believe we should toe the same line,” Aboyeji wrote.
The previous court session on October 18 had been adjourned to October 25 for an update on Gambaryan’s health. However, his absence at that session raised concerns about his whereabouts, prompting Justice Nwite to direct the correctional center to verify his location. It was later confirmed that Gambaryan was receiving treatment at a hospital.
The ongoing case has sparked debate on Nigeria’s approach to dealing with allegations of financial misconduct within the cryptocurrency sector. While the Federal Government pursues legal action against Binance, there is growing sentiment that a financial settlement similar to those seen in other countries may be a more appropriate course of action.
