In a major development, the Nigerian Federal Government has dropped all charges against Binance executive Gambaryan. The decision marks a significant moment for the cryptocurrency platform in Nigeria. Learn more about the case and its implications.
The Federal government has dismissed all charges against Tigran Gambaryan, an executive at Binance Holdings, due to health concerns.
Since April, Gambaryan has been on trial for money laundering while in detention.
A lawyer representing the Economic and Financial Crimes Commission (EFCC) announced before Justice Emeka Nwite at the Federal High Court in Abuja that they were withdrawing the charges.
The hearing is set for two days before the previously scheduled return date of October 25, as announced by the trial judge in open court last Friday.
The EFCC lawyer announced the withdrawal of charges, stating that Mr. Gambaryan, a United States citizen, was simply an employee of Binance and was being prosecuted for activities related to his work there.
Mark Mordi, counsel for Gambaryan, concurred with the prosecution by stating that his client had no involvement in the company’s wider financial decisions.
On October 11, Justice Emeka Nwite denied Mr. Gambaryan’s second request for bail, determining that his stated health issues were inadequate to justify his release from detention.
The judge rescheduled the trial to continue on 18 October, but Mr. Gambaryan was absent due to health reasons, according to the prison authorities.
The judge subsequently rescheduled the trial for October 25, but it seems that Wednesday’s unannounced hearing has now superseded this date.
