In a surprising turn of events, the Bola Tinubu-led government has withdrawn the money laundering charges against Tigran Gambaryan, an executive of Binance Holdings Limited, a major cryptocurrency firm. The announcement was made on Wednesday during a Federal High Court session in Abuja, marking a significant development in the case that has captured attention since April.
The Economic and Financial Crimes Commission (EFCC) had previously charged both Binance and Gambaryan with money laundering. Gambaryan, a U.S. citizen, has been in detention since February following allegations that the company engaged in manipulation of the Nigerian currency and facilitated illicit financial flows.
However, in a court appearance held discreetly ahead of the previously scheduled hearing on 25 October, the EFCC’s legal representative announced the formal withdrawal of all charges against Gambaryan. According to the prosecution, Gambaryan was only an employee and had no direct involvement in the broader financial operations of Binance that led to the charges.
Mark Mordi, Senior Advocate of Nigeria (SAN) and legal counsel for Gambaryan, supported the prosecution’s motion, emphasizing that his client was merely fulfilling his professional duties and had no influence over Binance’s strategic financial decisions. Mordi further argued that Gambaryan’s detention had been unjust, and the withdrawal of charges was a vindication of his client’s innocence.
This quiet hearing, held two days earlier than initially scheduled, has raised speculation that the decision to withdraw the case may have been timed to avoid extensive public scrutiny. The prosecution did not provide further comments on the reasons behind the sudden withdrawal.
The case had drawn international attention, given Binance’s global presence in the cryptocurrency market and the increasing regulatory crackdown on digital currencies in Nigeria. Despite the withdrawal of charges against Gambaryan, Binance’s legal challenges in Nigeria are far from over as regulatory authorities continue to probe its operations.
Gambaryan is expected to be released from custody immediately following the court’s decision.
