FG drops charges against Binance Executive, continues case against company

The Federal Government has announced its decision to proceed with the money laundering case against Binance Holdings Limited, despite dropping the charges against the company’s executive, Tigran Gambaryan.

On Wednesday, authorities withdrew the $35 million money laundering charges against Gambaryan, citing his poor health and diplomatic pressure as key reasons.

Gambaryan, an executive at Binance, had been facing charges brought by the Economic and Financial Crimes Commission (EFCC), but he has now been discharged on medical grounds.

However, R. U. Adagba, counsel for the EFCC, clarified that although the charges against Gambaryan were withdrawn, the government remains committed to prosecuting Binance Holdings Limited. Adagba highlighted that the decision was made because Gambaryan’s health concerns and diplomatic issues outweighed the need for his personal prosecution, while the corporate entity, Binance, bears greater responsibility.

“The government has reviewed the case and determined that Binance Holdings Limited, as the first defendant, plays a more critical role in the matter compared to the second defendant (Gambaryan),” Adagba explained.

“For important international and diplomatic reasons, along with the second defendant’s health concerns, the state seeks to discontinue the case against him, but the trial against Binance will proceed.”

The court has adjourned the case against Binance to November 22 and 25, as the government continues to pursue the money laundering allegations involving the cryptocurrency exchange.