In a significant turn of events, the Federal Government has dropped the money laundering charge against Tigran Gambaryan, an executive of Binance Holdings Limited.
The decision came during a court hearing on Wednesday.
This withdrawal was attributed to Gambaryan’s deteriorating health and diplomatic interventions.
Tigran Gambaryan was the second defendant in a case brought by the Economic and Financial Crimes Commission (EFCC).
The EFCC had charged him alongside Binance Holdings Limited, the first defendant in the case.
Gambaryan’s arrest and subsequent charges had raised concerns in the cryptocurrency community and beyond.
The charges were seen as part of a broader scrutiny of the cryptocurrency industry in Nigeria.
During the court session held at the Federal High Court in Abuja, EFCC’s counsel, R. U. Adagba, informed Justice Emeka Nwite of the government’s decision to withdraw the charges.
Adagba cited Gambaryan’s health issues as a key reason for the withdrawal.
“The Federal Government has made this decision in consideration of Mr. Gambaryan’s health condition,” Adagba stated.
While the charges against Gambaryan were dropped, the court heard that the EFCC would continue its case against Binance Holdings Limited.
This indicates that the government still aims to hold the cryptocurrency platform accountable for the alleged offenses.
Justice Nwite acknowledged the EFCC’s stance and adjourned the trial against Binance to November 22 and November 25 for further proceedings.
Reports indicate that Gambaryan’s health had been rapidly declining while in detention.
His condition prompted calls from various stakeholders for his release on health grounds.
The withdrawal of the charges was welcomed by Gambaryan’s defense team, who had been advocating for his release due to his deteriorating state.
The decision to drop the charges has elicited mixed reactions within the cryptocurrency community.
Some industry experts see it as a positive step towards greater understanding and cooperation between cryptocurrency platforms and regulators.
“This move signals a more balanced approach to cryptocurrency regulation in Nigeria,” commented a local crypto enthusiast.
However, others remain cautious, noting that the continued charges against Binance highlight ongoing scrutiny of the industry.
Diplomatic intervention reportedly played a crucial role in the government’s decision to withdraw the charges against Gambaryan.
Sources indicate that discussions between government officials and representatives of Binance may have influenced the outcome.
The involvement of diplomatic channels highlights the complexities of regulating an evolving industry like cryptocurrency.
This case comes at a time when Nigeria is grappling with the challenges of cryptocurrency regulation.
The EFCC has been active in pursuing cases related to financial crimes, including those involving digital currencies.
The government’s actions against Binance and Gambaryan underscore the need for clear regulatory frameworks in the cryptocurrency space.
As digital currencies gain popularity, the Nigerian government faces the challenge of balancing regulation with innovation.
