JUST IN: FGN Abruptly Drops All Money Laundering Charges Against Binance Executive

The Nigerian government has unexpectedly withdrawn all money laundering charges against Tigran Gambaryan, an executive of Binance Holdings, following months of legal proceedings. The decision was announced during a discreet hearing at the Federal High Court in Abuja on Wednesday, just days before the case was scheduled to resume on October 25.


Representing the Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-corruption agency, a lawyer declared that Mr. Gambaryan, a U.S. citizen, was merely an employee of Binance and not responsible for the larger financial decisions that led to his prosecution. The defense, led by Senior Advocate of Nigeria (SAN) Mark Mordi, agreed, emphasizing that Gambaryan was not directly involved in the actions under scrutiny. 


Mr. Gambaryan had faced charges linked to money laundering and currency speculation, with alleged transactions amounting to $34.4 million. However, Binance itself continues to face separate legal challenges, including tax evasion charges in another case.


This abrupt withdrawal of charges follows extensive diplomatic efforts between U.S. and Nigerian officials. For months, U.S. lawmakers campaigned for Gambaryan’s release, advocating to both Nigerian and American authorities. Diplomatic pressure appears to have played a decisive role in the sudden end to the case.


Throughout the legal process, Gambaryan had been denied bail twice. His second bail application, citing health concerns, was rejected on October 11. The court ruled that his health condition did not justify release and that the Nigerian Correctional Service (NCoS) could provide adequate medical care. Following his arraignment in April, he had been detained at Kuje Correctional Centre in Abuja.


Despite the court’s decisions to deny bail, diplomatic interventions seem to have been instrumental in the case’s abrupt conclusion. The hearing, which took place ahead of the originally scheduled court date, has attracted attention due to its unexpected nature, raising concerns about the possible intent to avoid public scrutiny. 


The trial, which had been set for further hearing on October 25, has now effectively come to an end, marking a significant development in the high-profile case.


Further details are expected to emerge as the situation unfolds.

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