Money laundering charges against Binance executive dropped

 The money laundering charges preferred against Gambaryan, a Binance executive, have been dropped. See the details below…

The Federal Government has dropped all money laundering charges against Tigran Gambaryan, an executive at Binance Holdings.

Gambaryan had been in detention since April while facing the charges. A counsel for the Economic and Financial Crimes Commission (EFCC) announced the withdrawal at the Federal High Court in Abuja. This occurred before Justice Emeka Nwite.

The hearing took place just two days before the scheduled return date of October 25, set by the trial judge.

Why FG dropped the money laundering charges

The EFCC lawyer stated that Mr. Gambaryan, a United States citizen, was simply an employee of Binance. His prosecution stemmed from activities he performed at the company.

Gambaryan’s lawyer, Mark Mordi, agreed with the prosecution’s assessment. He emphasized that his client was not involved in the company’s broader financial decisions.

On October 11, Justice Emeka Nwite rejected Gambaryan’s second bail application. The judge ruled that his health issues were not enough to warrant release from detention.

The judge initially set the trial to continue on October 18. However, Gambaryan was absent due to health concerns, as reported by the prison.

Rescheduling the trial

The court then rescheduled the trial for October 25. However, Wednesday’s hearing changed the course of events. The dropping of the money laundering charges marks a significant shift in the case. Gambaryan’s future now remains uncertain after this unexpected development.

The EFCC has been prosecuting the Binance executive’s case as one of the most prominent ones in recent times. The others include the charges against Yahaya Bello and the very dramatic one involving Bobrisky.