FG Withdraws $35 Million Money Laundering Charges Against Binance Executive Gambaryan

The Economic and Financial Crimes Commission (EFCC) withdrew the $35 million charges at the Federal High Court in Abuja citing that the accused was merely an employee of Binance.

Gambaryan has been facing a money laundering trial from detention since April and was discharged on health grounds and due to diplomatic pressure.

EFCC’s counsel, R. U. Adagba, informed Justice Emeka Nwite during the proceedings of the Federal Government’s decision to withdraw the charges against the detained crypto executive due to his ill health.

However, she noted that the Federal Government would continue with the charges against the crypto company, Binance Holdings Limited.

She said, “The government has reviewed the case and, taking into consideration that the second defendant (Gambaryan) is an employee of the first defendant (Binance Holdings Limited), whose status in the matter has more impact than the second defendant’s, and also taking into consideration some critical international and diplomatic reasons, the state seeks to discontinue the case against the second defendant.

“My Lord, the health of the defendant has been a recurrent issue that the state has managed well at the correctional centre facility through the National Security Adviser.

“A surgery has been recommended, and the recovery process may take some time, which may impact the pace of the trial.”

Gambaryan’s counsel, Mark Mordi (SAN), said, “We ask the court to expedite everything to ensure the second defendant leaves the facility of the correctional centre.”

Citing Section 108 of the Administration of Criminal Justice Act, Mordi appealed for acquittal alongside the discharge of his client.

The prosecution, however, objected to the acquittal request, stating that the case was still active and could be revisited at any time as it had yet to be heard on its merits.

Emphasising that “the second defendant was only considered for discharge due to his ill health, and not on the grounds of insufficient evidence,” the prosecution said, “The matter has not been heard on its merits, and we are still calling witnesses.”

Following submissions from both the prosecution and defence counsel, Justice Nwite discharged Gambaryan from the money laundering charges and adjourned the case against the cryptocurrency firm until November 22 and November 25 for the continuation of the trial.

Source: Punch