FG Drops Money Laundering Charges Against Binance Executive

The federal government has dropped the accusations of money laundering brought against Gambaryan Tigran, a Binance executive.

At a hearing held on Wednesday, October 23, at the Federal High Court in Abuja, the Economic and Financial Crimes Commission (EFCC) declared that the charges had been dropped.

During the hearing today, the EFCC’s counsel argued that Mr. Gambaryan, a US citizen, was only an employee of Binance and had no direct involvement in the acts for which he was being prosecuted.

Mark Mordi, Senior Advocate of Nigeria (SAN) and Gambaryan’s defense attorney, agreed, adding that his client was not involved in the company’s overall financial choices.

Following months of covert diplomatic efforts between Nigerian and American authorities, who had been advocating for Mr. Gambaryan’s release, the charges were abruptly dropped. Additionally, U.S. senators had pleaded with both Nigerian and American authorities for his release. Nevertheless, Mr. Gambaryan had previously been refused bail when the judge determined that he posed a flight risk.

The Economic and Financial Crimes Commission has filed money laundering accusations against Binance, its U.S. head of financial crime compliance, Gambaryan, and the exchange’s British-Kenyan regional manager for Africa, Nadeem Anjarwalla, totaling $35 million.

Anjarwalla, on the other hand, escaped from legitimate custody on March 22, 2024, while Gambaryan was arrested in April.

Following his arraignment, the judge ordered his custody to the Kuje Correctional Facility.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli