The Federal Government has dismissed money laundering charges against Binance executive Tigran Gambaryan. This decision was announced by the Economic and Financial Crimes Commission (EFCC) at a Federal High Court hearing in Abuja on Wednesday, October 23.
During the hearing, the EFCC’s lawyer explained that Gambaryan, a U.S. citizen, was merely an employee of Binance and not directly involved in the activities that led to the charges. Gambaryan’s defense lawyer, Senior Advocate of Nigeria Mark Mordi, agreed, emphasizing that Gambaryan had no role in the company’s broader financial decisions.
The charges were dropped after several months of diplomatic discussions between Nigerian and U.S. officials, with American lawmakers advocating for Gambaryan’s release. Despite these efforts, Gambaryan was twice denied bail, as the judge viewed him as a flight risk.
Binance, along with Gambaryan, who serves as the U.S. head of financial crime compliance, and Nadeem Anjarwalla, Binance’s British-Kenyan regional manager for Africa, faced $35 million in money laundering charges filed by the EFCC.
Anjarwalla, however, escaped custody on March 22, 2024, while Gambaryan was formally charged in April and subsequently held at Kuje Correctional Facility.