The Federal Government has officially withdrawn the money laundering charge against Tigran Gambaryan, an executive of Binance Holdings Limited, on Wednesday. This significant decision comes amid growing concerns over Gambaryan's ill health and following diplomatic interventions that highlighted the need for a reconsideration of the charges against him.
In reports by the News Agency of Nigeria (NAN), it was noted that Gambaryan was the second defendant in the legal case brought against the cryptocurrency platform, with Binance Holdings Limited being the first defendant in the charge filed by the Economic and Financial Crimes Commission (EFCC).[/p>
During the court proceedings, EFCC’s counsel, R. U. Adagba, informed Justice Emeka Nwite of a Federal High Court located in Abuja about the Federal Government’s decision to withdraw the charge against the detained employee, primarily due to reports of his deteriorating health condition. The defense team welcomed this development, emphasizing the need for Gambaryan to focus on his recovery during this challenging time.
Despite the withdrawal of charges against Gambaryan, Adagba made it clear to the court that the EFCC intends to proceed with the charges against Binance Holdings Limited. This aspect of the case continues to draw attention as the EFCC aims to hold the company accountable for its alleged involvement in money laundering activities.
After carefully considering the submissions from both Adagba and the defense counsel, Justice Nwite ultimately discharged Gambaryan from the charge and adjourned the trial against the cryptocurrency firm, setting new dates for the continuation of the trial on Nov. 22 and Nov. 25. This decision marks a pivotal moment in the ongoing legal proceedings involving one of the largest cryptocurrency exchanges in the world, as it navigates regulatory scrutiny in Nigeria and beyond.