Tigran Gambaryan: FG Drops All Charges Against Binance Executive, Gives Reason
by by Bada Yusuf · Legit.ng News · Join- Nigeria's federal government has announced its withdrawal of all the charges against the detained Binance executive Tigran Gambaryan
- The EFCC announced the move during the hearing of the case at the Federal High Court in Abuja on Wednesday, October 23
- The anti-graft agency noted that Tigran Gambaryan was only a staff of Binance and should not be charged in person for tax invasion that the company committed
The Nigerian government has dropped all charges against Tigran Gambaryan, a Binance executive who has been detained since April, for money laundering and currency speculation allegations involving $34.4 million.
In a surprise move, the Economic and Financial Crimes Commission (EFCC) announced the withdrawal of charges at the Federal High Court in Abuja on Wednesday, October 23, just two days before the scheduled trial date.
According to Premium Times, the EFCC maintained that Gambaryan, a US citizen, was deemed not involved in Binance's broader financial decisions, and his role was merely that of an employee.
Why court freed Binance manager
This development comes after intense diplomatic lobbying between Nigerian and US government officials for Gambaryan's release. Some US lawmakers had earlier campaigned for his freedom by writing to relevant authorities to intervene.
Gambaryan's health issues had been a recurring concern during the trial, with two bail applications denied due to flight risk concerns. His colleague, Nadeem Anjarwalla, had escaped custody in March, which influenced the court's decision.
The case against Binance, however, will continue, with separate tax evasion charges pending before another judge. Gambaryan's release marks a significant turn in the high-profile case, which highlighs the complex intersections of international diplomacy, finance, and justice.
Like many other countries, Nigeria has opposed the activities of cryptocurrency companies, citing various reasons, with tax evasion and fraudulent activities topping the list.
Naira vs dollar: Reno Omokri tackles Binance
Legit.ng earlier reported that Reno Omokri, a PDP chieftain and former presidential aide, condemned Binance's allegation that officials in NSA Nuhu Ribadu's office demanded a bribe from the cryptocurrency company.
Omokri claimed the allegations were a tactic to evade prosecution for their crimes, noting that Binance had recently admitted to money laundering and other illicit activities in the US.
The former presidential aide then challenged the cryptocurrency company to name the officials who demanded the $150 million bribe at the NSA office.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.