After spending 10 months in custody, Tigran Gambaryan, an executive at Binance Holdings Limited, has been granted a breath of fresh air with the recent withdrawal of charges against him. Gambaryan was arrested in February alongside Nadeem Anjarwalla, Binance’s Regional Manager for Africa, who managed to escape custody and flee the country, leaving Gambaryan to face five counts against him and the cryptocurrency firm.
The federal government had accused Binance of manipulating Nigeria’s currency. Despite Gambaryan pleading not guilty to all counts, Justice Emeka Nwite of the Federal High Court in Abuja had repeatedly denied his bail requests. At times, Gambaryan attended his trial in a wheelchair and missed the last court session due to a decline in his health.
During proceedings on Wednesday, Justice Nwite struck out the charges against Gambaryan and ordered his immediate release from the Correctional Service Center in Kuje, Abuja. Ekele Iheanacho, a lawyer representing the Economic and Financial Crimes Commission (EFCC), noted that the case couldn’t proceed at the last hearing due to the defendant’s worsening health, which he described as having been managed by the state.
Iheanacho stated that a report from the Nigerian Correctional Service indicated Gambaryan’s medical condition had become so severe that he could barely walk without a wheelchair, in addition to suffering from other health issues. He informed the court that Gambaryan requires surgery, with the subsequent recovery likely to prolong the trial process. Furthermore, he mentioned that the government had reassessed the situation and acknowledged Gambaryan’s status as merely an employee of Binance, which seemed to have little bearing on the case.
Iheanacho also hinted at significant diplomatic discussions between the Nigerian government and its U.S. counterpart, which led to the decision to discontinue the charges against Gambaryan. The prosecution subsequently urged the court to officially discharge him.
Gambaryan’s attorney, Mark Mordi, did not oppose the withdrawal but requested the court to acquit his client instead of discharging him, given the government’s acknowledgment of Gambaryan’s employee status. Justice Nwite granted the prosecution’s request to strike out the money laundering charge, stating, “The application of the prosecution’s counsel is granted as prayed, having reviewed the circumstances of the case. The second defendant is hereby discharged.”