The Federal Government of Nigeria has officially withdrawn money laundering charges against Tigran Gambaryan, an executive of cryptocurrency firm Binance Holdings. Gambaryan, a U.S. citizen, had been facing trial for about six months following his arrest in Nigeria.
The Economic and Financial Crimes Commission (EFCC), the prosecuting agency, made the announcement during a hearing at the Federal High Court in Abuja on Wednesday.
According to the EFCC, the charges were dropped because Gambaryan, as an employee of Binance, was not directly involved in the company’s broader financial decisions.
Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Gambaryan, concurred with the prosecution’s decision, affirming that his client had no involvement in the activities that were under investigation.
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“He is merely an employee,” Mordi stated, highlighting that Gambaryan’s role did not extend to the financial dealings of the cryptocurrency firm.
The case had drawn attention due to Binance’s growing presence in Nigeria and across the global cryptocurrency landscape.
The withdrawal of charges brings relief to the executive, who had maintained his innocence since his arrest.
Further details regarding the case are expected to emerge later.