Nigeria has dropped money laundering charges levelled against Binance executive Tigran Gambaryan. The decision was announced during proceedings at the Federal High Court in Abuja, where health concerns and diplomatic interventions were cited as primary factors for the withdrawal.
Case Background
The case was initially brought forward by the Economic and Financial Crimes Commission (EFCC), Nigeria’s premier anti-graft agency, as part of a broader investigation into cryptocurrency operations within the country. Binance Holdings Limited was named as the first defendant in the case, with Gambaryan listed as the second defendant.
Legal Proceedings
During the court session presided over by Justice Emeka Nwite, EFCC’s counsel, R. U. Adagba, formally presented the government’s decision to withdraw charges against Gambaryan. The withdrawal was primarily attributed to the executive’s deteriorating health condition, which had become a matter of serious concern during his detention.
Diplomatic Intervention
Sources familiar with the case have indicated that diplomatic channels were activated in the matter, leading to negotiations that contributed to the charge withdrawal. The exact nature of the diplomatic interventions has not been publicly disclosed, but they are understood to have played a crucial role in the government’s decision.
Ongoing Proceedings
While the charges against Gambaryan have been withdrawn, it has been emphasized that the case against Binance Holdings Limited will proceed. The EFCC counsel made it clear that the prosecution of the cryptocurrency exchange platform would continue as planned. The court has scheduled the next hearings for November 22 and November 25 for the continuation of the trial against Binance Holdings Limited.
Impact on Cryptocurrency Regulation
This development comes at a time when Nigeria’s relationship with cryptocurrency platforms is under intense scrutiny. The country has been working to establish clearer regulatory frameworks for cryptocurrency operations while addressing concerns about potential financial crimes and market manipulation.
Legal Implications
Justice Nwite’s decision to discharge Gambaryan from the charge marks a significant moment in the ongoing legal proceedings. The court’s acceptance of the withdrawal request was based on both humanitarian grounds, considering Gambaryan’s health condition, and the diplomatic considerations that were brought to bear on the case.
Future Proceedings
The focus of the case will now shift entirely to Binance Holdings Limited, with the EFCC expected to present its evidence against the cryptocurrency exchange platform in the upcoming trial dates. The prosecution’s strategy and the specific allegations against Binance Holdings Limited are expected to be detailed during these sessions.
Broader Context
This case has attracted significant attention within the cryptocurrency industry and international business community, as it represents one of the most high-profile legal actions taken against a major cryptocurrency exchange executive in Africa. The outcome of the remaining proceedings against Binance Holdings Limited is being closely watched by industry stakeholders and regulatory bodies across the continent.
The withdrawal of charges against Gambaryan while maintaining the case against Binance Holdings Limited demonstrates the complex nature of cryptocurrency regulation and enforcement in emerging markets. It also highlights the delicate balance between legal prosecution and diplomatic considerations in international business matters.
