JUST IN: Nigerian Government Abruptly Drops Money Laundering Charges Against Binance Executive Gambaryan

The  Nigerian government has withdrawn all money laundering charges against Tigran Gambaryan, an executive of Binance Holdings, following months of legal proceedings. The announcement was made during an unpublicized hearing at the Federal High Court in Abuja on Wednesday, just two days before the case was originally scheduled to continue on October 25.

A lawyer representing the Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-corruption agency, announced the decision to drop the charges, stating that Mr. Gambaryan, a U.S. citizen, was merely an employee of Binance and not involved in the broader financial decisions that led to his prosecution.

The defense, led by Senior Advocate of Nigeria (SAN) Mark Mordi, concurred, emphasizing that Mr. Gambaryan was not responsible for the actions that were being scrutinized in court. Gambaryan had been facing charges related to money laundering and currency speculation, with alleged transactions totaling $34.4 million. Binance itself continues to face separate tax evasion charges in a different case.

The sudden withdrawal of charges appears to be the culmination of extensive behind-the-scenes diplomatic efforts between U.S. and Nigerian officials, following months of lobbying for Gambaryan’s release. U.S. lawmakers had also campaigned for his release, writing to both Nigerian and American authorities.

Mr. Gambaryan had been denied bail on two occasions, with the judge considering him a flight risk. His second bail application, citing health concerns, was rejected on October 11. The court ruled that his health did not warrant release, and that the Nigerian Correctional Service (NCoS) could provide adequate medical care.

Despite these rejections, diplomatic pressure seems to have played a decisive role in ending the case abruptly. Since his arraignment in April, Mr. Gambaryan had been held at Kuje Correctional Centre in Abuja, after being accused of money laundering alongside Binance.

The next hearing for the case was originally set for October 25, but Wednesday’s unexpected hearing effectively brought the trial to an end. This move has drawn attention for its suddenness, particularly as the hearing took place ahead of the scheduled court date, seemingly with the intent of avoiding public scrutiny.

More details to follow……..