EFCC Withdraws Charges
The Economic and Financial Crimes Commission (EFCC) has dropped all money laundering charges against Tigran Gambaryan, an executive of Binance Holdings Limited. This development came to light during a Federal High Court hearing in Abuja on October 23. The charges, initially filed in February, were abruptly withdrawn two days ahead of the scheduled trial date.
Background on the Case
Gambaryan, a U.S. citizen, was arrested earlier this year while visiting Nigeria to address Binance’s regulatory issues. He was accused of operating an unlicensed financial institution and facilitating money laundering. Despite two unsuccessful bail applications, the Nigerian government detained him, sparking international concern, particularly from U.S. lawmakers.
Diplomatic Intervention
The case against Gambaryan drew the attention of U.S. lawmakers, who advocated for his release on humanitarian grounds due to his deteriorating health while in custody. Reports suggest that diplomatic negotiations between Nigeria and the U.S. had been ongoing for several months, likely influencing the case’s abrupt conclusion.
Defence Claims
During the hearing, the EFCC’s legal representative clarified that Gambaryan, as a Binance employee, did not participate in the company’s financial decisions. Gambaryan’s lawyer, Mark Mordi, supported this claim, arguing that his client had no involvement in any illicit activities. This statement helped pave the way for the withdrawal of charges.
Early Trial Conclusion
The court session, which took place two days ahead of the expected trial date of October 25, marked the end of the legal proceedings. Gambaryan was subsequently released from Kuje Correctional Centre, where he had been held since his arrest. His release is seen as a diplomatic victory for both countries.
Future Implications
The case highlights the growing complexities surrounding cryptocurrency regulation and international diplomacy. As Nigeria grapples with regulating financial technologies, cases like Gambaryan’s are expected to shape the future landscape of digital finance in the country.
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