Money laundering charges dropped on Binance executive detained for months, released to go

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October 23, 2024
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2 min read
Tigran Gambaryan, Binance executive
  • The Nigerian government has dropped all charges against Binance executive Tigran Gambaryan over money laundering allegations, and he has been ordered to be released.
  • A lawyer representing the Economic and Financial Crimes Commission (EFCC) announced the withdrawal of the charges at the Federal High Court in Abuja on Wednesday, October 23, 2024.
  • EFCC lawyer Ekele Ihenacho reportedly said the charges were withdrawn to allow Gambaryan to receive medical treatment outside the country, adding that “diplomatic arrangements had also helped secure Gambaryan's release.”

However, EFCC will continue the money laundering case against Binance, leaving out Gambaryan.

While announcing the withdrawal, the lawyer reportedly said, “Mr Gambaryan, a United States citizen, was merely an employee of Binance for activities he was being prosecuted.” 

Mark Mordi, Gambaryan's lawyer, also affirmed that his client was not involved in the company’s broader financial decisions.

Moreover, Binance, requesting Gambaryan's exclusion from the matter between the company and the Nigerian government, stated that he had no decision-making authority in the company and was "a strict law enforcement professional who is not part of Binance management."

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After being detained in February, the EFCC charged Gambaryan and Binance with laundering over $35 million. Gambaryan pleaded not guilty, but while the case continued, he was held in custody at Kuje Correctional Centre.

While at Kuje, Gambaryan's health reportedly deteriorated, and at one point, he did not appear in court. Two weeks before the EFCC dropped the charges, the court denied his bail application and scheduled a further hearing.

Gambaryan had sought release on medical grounds, but the judge emphasised that his health was being managed by "renowned Nigerian medical experts." An earlier bail request was rejected as the EFCC deemed the executive a flight risk.

READ MORE   A timeline of Binance's troubles in Nigeria

Two days before the next scheduled hearing, the case was brought forward, allowing him to be freed and seek medical treatment outside Nigeria.

The EFCC is not the only authority that charged Binance and its executive. The Federal Inland Revenue Service (FIRS) had previously filed tax evasion charges against the defendants. However, FIRS dropped the charges against the Binance executives, leaving Binance as the sole defendant in the case. Binance had long anticipated that the EFCC would drop the charges against Gambaryan, as the tax authority had done.

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