The Federal government of Nigeria has on Wednesday, dropped all charges against an executive at Binance Holdings, Tigran Gambaryan who has been on trial for money laundering and currency speculation charges.
The US citizen has been in detention at the Kuje correctional facility since April 2024.
The Counsel for the Economic and Financial Crimes Commission (EFCC), R. U Adaba applied in court on Wednesday morning before Justice Emeka Nwite for the withdrawal of the charges at the Federal High Court Abuja.
This is as the earlier return date for hearing on 25th October is in two days.
Announcing the withdrawal of the charges, Barr Adaba said Mr Gambaryan, was merely an employee of Binance, whose activities he was being prosecuted for.
She cited diplomatic interventions and the extent of the defendant’s involvement in the alleged crimes as the key reasons for the decision.
“The government has reviewed the case and, taken into consideration that the second defendant (Mr Gambaryan) is an employee of the first defendant (Binance Holdings Limited), whose status in the matter has more impact than the second defendant’s, and also taking into consideration some critical international and diplomatic reasons, the state seeks to discontinue the case against the second defendant,” Ms Adaba said.
She also said the defendant’s health was deteriorating in custody despite medical efforts by the correctional center.
Counsel to Gambaryan, Mark Mordi, agreed with the prosecution, saying that his client was not involved in the company’s broader financial decisions.
Mr Gambaryan had earlier applied for bail on health grounds but was rejected by the trial judge, Justice Emeka Nwite. He had applied again but the judge had rejected his second bail application on 11 October, ruling that Mr Gambaryan’s grounds of ill health were not sufficient to release him from detention.
Despite agreeing to drop the charges on Wednesday, the EFCC opposed the plea for full acquittal. Ms Adaba maintained that the case was still active and had yet to be heard on its merits.
She explained that a major reason for dropping the charges against Mr Gambaryan is his ill health, and not on the ground of insufficient evidence.
“The matter has not been heard on its merit, and we are still calling witnesses,” she said to support her argument that Mr Gambaryan should not be handed a full acquittal.
The court then adjourned the trial until 22 and 25 November to continue the trial of Binance.
Gambaryan was facing trial alongside Binance, a cryptocurrency company he served as its country representative, on five counts of money laundering and currency speculation involving as much as $34.4 million.
Binance is also facing tax evasion charges in a separate case before another judge of the Federal High Court in Abuja.
