The Abuja Division of the Federal High Court has freed Binance executive Tigran Gambaryan from a case of money-laundering instituted by the Economic and Financial Crimes Commission (EFCC).
The Nigerian government on Wednesday withdrew all charges levelled against Mr Gambaryan stating he was only a staff of Binance Holdings and could not be held liable for the organisation’s financial activities.
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Mr Gambayran had been detained since February when he visited Nigeria at the request of the federal government to answer questions about Nigerians’ cryptocurrency activities on the platform.
He was detained alongside his colleague Nadeem Anjarwalla, who managed to escape from custody in March.
Justice Emeka Nwite had previously denied Mr Gambaryan bail on two occasions.
EFCC counsel R.U. Adagba informed the court on Wednesday of the agency’s decision to withdraw the charges against Mr. Gambaryan, citing his deteriorating health. However, she added that the EFCC would continue pursuing charges against Binance Holdings, excluding Mr Gambaryan from further legal proceedings.
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The withdrawal of charges was unexpected, as Justice Nwite had scheduled October 25 for the continuation of Mr Gambaryan’s trial but events have now overtaken the matter.
The release of the Binance executive followed weeks of intense diplomatic negotiations between Nigeria and the United States. U.S. lawmakers had mounted pressure on the Nigerian government, prompting relevant agencies in both countries to work toward Mr Gambaryan’s release.
In a similar yet separate case, Nigerian government through the Federal Inland Revenue Service (FIRS) filed tax evasion charges against Binance Holdings in the same Federal High Court in Abuja where Mr Gabaryan had been standing trial.