A Federal High Court sitting in Abuja on Wednesday ordered the release of Tigran Gambaryan, an executive of Binance Holdings Limited, from the Kuje Correctional Centre following the withdrawal of charges by the federal government.
Gambaryan, a US citizen, was arrested in February during a clampdown on Binance over alleged foreign exchange manipulation and tax evasion.
The Economic and Financial Crimes Commission, EFCC, had arraigned him and Binance Holdings Limited in April on a five-count charge, including money laundering amounting to $34.4 million.
Despite his lawyer’s appeals, the court had rejected his bail applications twice.
At Wednesday’s hearing, EFCC’s counsel, R.U. Adaba, informed Justice Emeka Nwite of the federal government’s decision to drop the charges, citing diplomatic interventions and Gambaryan’s deteriorating health.
“Gambaryan is just an employee of the cryptocurrency firm and was not involved in the offences allegedly committed by the company,” Adaba said.
Adaba added that the defendant’s health had worsened, requiring surgery. “The report we received from the Nigerian Correctional Service shows he now requires a wheelchair,” she noted.
Gambaryan’s lawyer, Mark Mordi, did not oppose the withdrawal but requested an acquittal rather than a discharge, emphasising his client’s non-involvement in Binance’s financial decisions.
Justice Nwite struck out the charges and ordered Gambaryan’s immediate release.
“It is hereby ordered that the 2nd defendant be discharged, and he shall be released from custody immediately,” the judge ruled.
The case was adjourned to 22 and 25 November for further proceedings involving Binance Holdings.
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