FG withdraws suit against Binance employee, Gambaryan  

Federal High Court in Abuja, presided over by Justice Emeka Nwite, yesterday, ordered the release of the detained Binance Holdings Limited’s executive, Tigran Gambaryan, from Kuje Correctional Centre.

The court gave the order after the Economic and Financial Crimes Commission (EFCC)’s counsel, R. U. Adagba, informed the court of the decision of the Federal Government to withdraw the charge against Gambaryan.

Adagba, who held the brief of Ekene Iheanacho, SAN, premised the decision on Gambaryan’s deteriorating health and diplomatic intervention. Gambaryan, who was again not in court, was the second defendant in the charge preferred against the cryptocurrency platform (first defendant) by the EFCC, in a suit marked: “FHC/ABJ/CR/138/2024.”

The EFCC had, on April 8, arraigned Binance Holdings Ltd and Gambaryan before Justice Emeka Nwite of a Federal High Court sitting in Abuja.  They were arraigned on a five-count charge bordering on alleged tax evasion, currency speculation and money laundering to the tune of $34,400,000.

The Binance representative’s bail application was rejected twice by the court. Justice Nwite had, on Friday, October 18, 2024, fixed Friday, October 25, 2024, for a report on the health status of Gambaryan.

The development followed information from an officer of the Nigerian Correctional Service (NCoS), who was in court on the last adjourned date that Gambaryan’s absence in court was due to his ill health.

The matter was, however, rescheduled for yesterday due to the urgency of the case. But, upon resumption of the hearing, EFCC’s counsel, Adagba, told Justice Nwite of the Federal Government’s decision to withdraw the charge against the detained employee of Binance because of his deteriorating health.

Adagba said the report received from the NCoS, through the Office of the National Security Adviser (NSA), indicated that Gambaryan’s health had deteriorated to the extent that he hardly walked without the assistance of a wheelchair.

The defence counsel stated further that the government had reviewed the case and had taken cognisance that Gambaryan, a U. S. citizen, was a mere employer of Binance Holdings Ltd, “whose status in the matter has no impact.”

“I urged the honourable court to discharge the second defendant accordingly in line with Section 108(1), (2)(a) of the Administration of Criminal Justice Act (ACJA), 2015,” she prayed.

Lawyer to Binance, Olujoke Aliu, and Gambaryan’s counsel, Mark Mordi, SAN, did not oppose the application. Mordi, however, told the court that since one of the reasons for the withdrawal of the case was that Gambaryan was just an employee of Binance, the court should make an order for his client’s acquittal and not a discharge. In his ruling, Justice Nwite granted Adagba’s application and subsequently adjourned the matter until November 22 and 25 for continuation of trial.