Nigerian Government Drops Charges Against Binance Executive, Gives Reasons

The Nigerian government has dropped charges against Binance executive Tigran Gambaryan, who had been detained for seven months in the country.

Abuja FHC has acquitted Gambaryan during a session on Wednesday. This acquittance occurred after the federal government dropped money laundering charges against the Binance executive.

The Wednesday ruling came after Gambaryan was denied bail last week.

The presiding court adjourned the executive’s next hearing to October 25 but arraigned him prematurely today and acquitted him of the money laundering allegations.

Multiple sources confirmed that Economic and Financial Crimes Commission (EFCC) dropped the money misappropriation charges against the Binance executive due to his deteriorating health.

One source noted that the dismissed allegation was to allow Gambaryan to seek medical attention outside the country.

The executive insisted on several occasions that he was ill, complaining about health challenges like malaria and the inability to walk properly.

His wife and Binance CEO Richard Teng also criticized the lack of quality care Gambaryan received in the Kuje correctional facility, where he was detained.

It bears mentioning that Gambaryan was arrested alongside Nadeem Anjarwalla, Binance Africa’s regional manager, in February. However, the latter escaped from custody in March from their guest house in Abuja.

Meanwhile, Wednesday’s decision to drop charges against Gambaryan didn’t affect the Nigerian government’s case with Binance.

The EFCC will pursue its indictment against the leading crypto exchange by trading volume for allegedly moving $26 billion in untraceable assets.

The federal government is seeking a $10 billion penalty for the alleged illicit activity, which it claimed devalued its currency.

Notably, the Nigerian government has banned Binance from operating in the country and blacklisted the exchange’s websites.

Interestingly, the laundering charge differed from tax evasion and illegal operation charges against Binance. The exchange has pleaded not guilty to all charges