Despite Dropping Charges Against Binance Executive, FG To Continue With Crypto Company Lawsuit

The Federal Government has announced its decision to continue the money laundering case against Binance Holdings Limited, despite dropping charges against the company’s executive, Tigran Gambaryan.

On Wednesday, the government withdrew the $35 million money laundering charges filed against Gambaryan, citing his ill health and diplomatic pressure.

Gambaryan, an executive at Binance, was facing charges brought by the Economic and Financial Crimes Commission (EFCC) but has now been discharged on health grounds.

However, the EFCC counsel, R. U. Adagba, emphasized that while the charges against Gambaryan were being withdrawn, the government remains committed to prosecuting Binance Holdings Limited.

Adagba explained that the decision to drop charges against Gambaryan stemmed from the realization that his health issues and diplomatic concerns outweighed the need for individual prosecution.

The government believes that the corporate entity, Binance, holds greater responsibility in the matter.

“The government has reviewed the case and determined that the first defendant, Binance Holdings Limited, holds a more significant status in the case than the second defendant (Gambaryan),” Adagba stated.

“For critical international and diplomatic reasons, as well as the second defendant’s health, the state seeks to discontinue the case against him, but the trial against Binance will continue.”

The case against Binance has been adjourned until November 22 and 25 for further proceedings, as the government continues to pursue the allegations of money laundering involving the cryptocurrency exchange.