FG discontinues trial of Binance executive

The Federal Government on Wednesday disclosed that it has dropped all charges against Tigran Gambaryan, a Binance Holdings executive who has been facing trial for money laundering.

The Economic and Financial Crimes Commission, EFCC, announced the withdrawal of charges against Gambaryan, who has been in detention since April 2024, at the Federal High Court in Abuja.Justice Emeka Nwite had earlier denied Gambaryan bail twice due to fears that he could escape.

The judge had rejected his second bail application on 11 October, on the grinds that Gambaryan’s health issues insufficient to free him from detention and also fixed 18 October for continuation for trial.

However, the Binance executive was not present in court to continue his trial on the said date.

Gambaryan is a citizen of the United States and former IRS agent. He was arrested in February when he visited Nigeria to deal with regulatory issues about his company and accused of money laundering and operating a  financial institution without registration.

The prosecutor described Gambaryan as mere employee of Binance, who was not ina position of involvement in the company’s broader financial decisions to which the defence counsel lawyer, Mark Mordi, SAN, agreed.

However, it is gathered that there were intense behind the scene diplomatic moves between Nigerian and US government officials to secure Gambaryan’s release.

Some  US lawmakers had also petitioned relevant authorities, seeking their intervention to set  Gambaryan free.