The Nigerian government has formally dropped all charges against Tigran Gambaryan, an executive at Binance Holdings, who had been on trial for money laundering since April.
According to a report by local media outlet PremiumTimes, the charges, linked to $34.4 million in money laundering and currency speculation, were withdrawn by the Economic and Financial Crimes Commission (EFCC) during a discreet hearing at the Federal High Court in Abuja today, October 24.
The unexpected hearing, held before the scheduled trial date of October 25, appeared to be arranged to avoid public attention. According to PremiumTimes, the EFCC’s lawyer stated that Gambaryan was merely an employee of Binance and had no control over the company’s broader financial operations. Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Gambaryan, also reinforced this by emphasizing that his client’s role was limited within the company.
It is believed that the decision to drop the charges stemmed from diplomatic negotiations between the U.S. and Nigerian governments. Gambaryan had been detained at the Kuje Correctional Centre in Abuja since his arraignment, with his detention drawing significant international attention. U.S. lawmakers had reportedly pushed for his release, citing concerns about his health after two failed bail applications, with the court labelling him a flight risk.
The trial judge, Emeka Nwite, had previously denied Gambaryan’s second bail application on October 11 despite concerns over his health. However, today’s discreet hearing brought the case to an abrupt end just days before the scheduled trial.
The Nigerian government appears to be focused on tightening control over crypto and digital financial activities as it cracks down on financial crime. The country’s Securities and Exchange Commission (SEC) is preparing to take enforcement actions against entities involved in unregulated cryptocurrency transactions. Emomotimi Agama, the SEC’s Director-General, announced plans to target businesses offering crypto services without adhering to regulatory standards, signalling Nigeria’s heightened scrutiny of the crypto sector following high-profile cases like Gambaryan’s.
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