The federal government has officially withdrawn the money laundering charges against Binance executive Gambaryan Tigran.
The Economic and Financial Crimes Commission (EFCC) announced the decision during a hearing at the Federal High Court in Abuja on Wednesday, October 23.
During the proceedings, the EFCC’s attorney clarified that Mr. Gambaryan, a U.S. citizen, was simply an employee of Binance and was not directly involved in the activities leading to the charges against him.
Gambaryan’s defense attorney, Mark Mordi, Senior Advocate of Nigeria (SAN), concurred, emphasizing that his client had no role in the company’s broader financial decisions.
The surprising move to drop the charges came after months of diplomatic negotiations between Nigerian and U.S. officials advocating for Mr. Gambaryan’s release.
U.S. lawmakers had also called for his freedom, reaching out to both Nigerian and American authorities. Despite this, Mr. Gambaryan had been denied bail twice, with the judge deeming him a flight risk.
Gambaryan, along with Binance, its U.S. head of financial crime compliance, and Nadeem Anjarwalla, the exchange’s British-Kenyan regional manager for Africa, faced money laundering charges amounting to $35 million brought by the EFCC.
Anjarwalla, however, escaped lawful custody on March 22, 2024, while Gambaryan was arraigned in April. Following his arraignment, the court ordered his remand at Kuje Correctional Facility.
