In a notable legal development, the Federal Government has officially dropped money laundering charges against Tigran Gambaryan, a top executive at cryptocurrency giant Binance Holdings. Gambaryan had been facing trial for six months following his arrest in Nigeria.
The Economic and Financial Crimes Commission (EFCC) announced the withdrawal of the charges during a session at the Federal High Court in Abuja on Wednesday.
According to the EFCC, the decision to drop the charges stemmed from the fact that Gambaryan, a United States citizen, was merely an employee of Binance and not directly involved in the firm’s broader financial activities.
The prosecuting body explained, “Mr. Gambaryan is simply an employee, and as such, should not be held accountable for the company’s financial operations.”
Mark Mordi, Senior Advocate of Nigeria (SAN), who represented Gambaryan, agreed with the prosecution’s position, stating that his client had no involvement in the company’s larger financial decisions.
The case, which had garnered significant attention in the cryptocurrency industry, is now closed following the dismissal of charges against the Binance executive.
Further details are expected later.
