BinanceHoldingsexecutive,TigranGambaryan,isfreeaftertheNigeriangovernmentdroppedmoneylaunderingchargesagainsthim.Gambaryan,heldsinceApril,wasaccusedoflaundering$34.4million.TheEconomicandFinancialCrimesCommission(EFCC)madetheannouncementattheFederalHighCourtinAbujajustdaysbeforethenexthearingscheduledforOctober25.
BREAKING:NigerianGovernmentDropsAllMoneyLaunderingChargesAgainstBinanceExecutiveGambaryan|SaharaReportershttps://t.co/K1fNs5KVmopic.twitter.com/5oJ0YfImpP
—SaharaReporters(@SaharaReporters)October23,2024
Gambaryan,aU.S.citizen,wasultimatelyclearedaftertheprosecutionconfirmedhewasanemployeeandnotinvolvedinBinance’sfinancialdecisions.HisreleasefollowsintensediplomaticeffortsbyU.S.officialsandlawmakerswhocitedhealthconcerns.
EFCCWithdrawsChargesAgainstGambaryan
TheEFCClawyerrevealedthedecisiontodropchargesduringaclosed-doorcourthearing.Theunexpectedmoveappearedtobetimedtoavoidmediascrutiny.DespitepreviouslydenyingGambaryan’sbailtwiceduetoflightriskconcerns,thecourtacknowledgedthatGambaryanwasnotresponsibleforthecompany’sfinancialstrategies.
Gambaryan’sdefenseteamarguedthatheshouldnotbeheldliableforBinance’soveralloperations.MarkMordi,aSeniorAdvocateofNigeria(SAN)representingGambaryan,supportedthisposition.ThewithdrawalofchargesreflectssuccessfuldiplomaticeffortsbetweentheU.S.andNigeriangovernments.
DiplomaticPressureLeadstoGambaryan’sRelease
ThecasegainedinternationalattentionfromU.S.lawmakers,whopushedforhisrelease.ThisincludeddiplomaticinterventionswithNigerianandAmericanauthorities.Theseeffortsgrewstrongerafterrepeatedbailrejectionsbasedoninsufficienthealthclaims.
Moreover,U.S.officialsraisedconcernsoverGambaryan’streatmentattheKujeCorrectionalCentre,wherehewasdetainedsincehisarraignment.Despitethis,theNigeriancourtremainedfirm,citingGambaryan’sfailuretoprovethatthecorrectionalfacilitylackedadequatehealthcareservices.
BailApplicationsDeniedDespiteHealthConcerns
Gambaryan’slegalteamsubmittedbailrequestsbasedonhisdeterioratinghealth,whichbecameamajorfocusofthetrial.Thedefenseclaimedthatcontinueddetentionwithoutmedicalcareviolatedhisrights.Despitethesearguments,thecourtrejectedthebailapplicationsonMay11andOctober11.
DuringtheOctober11hearing,JudgeEmekaNwiteruledthatGambaryan’sappealagainsttheinitialbaildenialwasanabuseofthejudicialprocess.Thedefense’sfailuretowithdrawthependingappealbeforefilinganewmotionforbailledtoitsdismissal.
AlthoughGambaryan’scaseisnowclosed,BinancestillfacesotherlegalissuesinNigeria.ThecompanyisinvolvedinaseparatetaxevasioncasebeforeanotherFederalHighCourtjudge.Inaddition,arelatedexecutive,NadeemAnjarwalla,reportedlyescapedcustodyinMarch,raisingmorequestionsaboutBinance’sactivitiesinNigeria.
Binance’slegalchallengesinNigeriaarepartofincreasedglobalscrutinyofthecryptoexchange.Thesecaseshighlightregulatoryeffortstomanagecryptocurrencyoperations.
TheabruptendofGambaryan’scaseisasignificantdevelopmentinNigeria’sregulatoryactionsagainstBinance.Diplomaticpressureandlegalargumentswerekeytosecuringhisrelease.However,theimplicationsforBinance’soperationsinNigeriaremainunclear.Thecompanymuststilladdressthetaxevasionchargesasitworkstomeetcompliancechallengesglobally.
Disclaimer:Theinformationpresentedinthisarticleisforinformationalandeducationalpurposesonly.Thearticledoesnotconstitutefinancialadviceoradviceofanykind.CoinEditionisnotresponsibleforanylossesincurredasaresultoftheutilizationofcontent,products,orservicesmentioned.Readersareadvisedtoexercisecautionbeforetakinganyactionrelatedtothecompany.
coinedition.com