FG drops money laundering charges against Binance executive

Business a.m.

The federal government, on Wednesday, withdrew the money laundering charges preferred against Tigran Gambaryan, an executive of Binance Holdings Limited.

Binance, its head of financial crime compliance, Gambaryan; and the regional manager for Africa, Nadeem Anjarwalla, were facing money laundering charges to the tune of $35 million brought against them by the Economic and Financial Crimes Commission (EFCC).

Gambaryan and Anjarwalla were initially both detained in the office of the National Security Adviser (NSA).

Anjarwalla, however, fled lawful custody on March 22, 2024 while his counterpart, Gambaryan, was arraigned in April.

Following his arraignment, the court ordered Gambaryan to be remanded at Kuje correctional center.

At the resumption of the case on Wednesday, EFCC’s counsel, R.U. Adaba, announced the decision of the Federal Government to withdraw the charges against the Binance executive.

Adaba said Gambaryan is just an employee of the cryptocurrency firm and was not involved in the offences allegedly committed by the company.

Responding, Gambaryan’s counsel, Mark Mordi, said his client does not get involved in the financial decisions of the cryptocurrency firm.

In June, the Federal Inland Revenue Service (FIRS) dropped the tax evasion charges against Gambaryan.

Gambaryan’s wife had repeatedly written to the Federal Government to release her husband, adding that his health is deteriorating.

In June, two members of the United States congress paid a visit to Gambaryan at the Kuje correctional center in Abuja.

Subsequently, US lawmakers urged President Joe Biden to help secure the release of the Binance executive.

The Federal High Court  in Abuja had rejected Gambaryan’s bail application twice.