The Federal Government says it has not dropped the $35 million money laundering charges against Binance Holdings Limited, contrary to speculations.
Instead, the government has only withdrawn the charges against Tigran Gambaryan, an executive at the cryptocurrency exchange, due to his poor health and diplomatic pressure.
The Economic and Financial Crimes Commission, EFCC, counsel, R. U. Adagba, explained that Gambaryan’s health issues and diplomatic concerns outweighed the need for individual prosecution.
Adagba said the government believes Binance holds greater responsibility in the matter.
“The government has reviewed the case and determined that Binance Holdings Limited holds a more significant status in the case than Gambaryan.
“For critical international and diplomatic reasons, as well as Gambaryan’s health, the state seeks to discontinue the case against him, but the trial against Binance will continue”, Adagba stated.
The case against Binance has been adjourned until November 22 and 25 for further proceedings.
The government will continue to pursue allegations of money laundering involving the cryptocurrency exchange.
Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, had been detained in Nigeria since February.
His lawyer had argued that his health had worsened during detention, but the EFCC initially objected, claiming his condition was exaggerated.
Adagba emphasized that the decision to drop charges against Gambaryan did not exonerate Binance, and the commission would vigorously pursue the case against the company.
