The Nigerian government has withdrawn money laundering charges against Tigran Gambaryan, a senior executive at Binance Holdings Ltd., following mounting diplomatic pressure and concerns over his health. Gambaryan had been facing $35 million in money laundering allegations brought by Nigeria’s Economic and Financial Crimes Commission (EFCC).
During a hearing on Wednesday, EFCC counsel R. U. Adagba informed the court that the Federal Government had decided to drop the case against Gambaryan due to his deteriorating health and diplomatic considerations. “The health of the defendant has been a recurrent issue, with surgery recommended and recovery likely to be prolonged,” Adagba stated, adding that Gambaryan had been receiving medical attention in custody but required further treatment.
However, Adagba emphasised that the government would continue its case against Binance Holdings Ltd., noting that the company, as Gambaryan’s employer, held greater responsibility in the matter. The prosecution clarified that the charges against Gambaryan could be revisited, as his discharge was based on health grounds rather than a lack of evidence.
Gambaryan’s counsel, Mark Mordi (SAN), had earlier pleaded with the court for his client’s release, citing his client’s need for medical treatment, including surgery for a herniated disc and psychiatric care. While the court agreed to discharge Gambaryan, his request for acquittal was denied.
Justice Emeka Nwite ordered Gambaryan’s immediate release from Kuje Correctional Facility and adjourned the trial of Binance Holdings Ltd. until November 22 and 25. The case against the crypto exchange remains one of the largest financial crime cases involving digital currency in Nigeria, with significant international interest.
