Nigeria Drops Money Laundering Charges Against Binance’s Gambaryan
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The Nigerian government has dropped the money laundering case against Tigran Gambaryan, who works at Binance and was jailed in the country. After a long time in prison, Gambaryan is now free from the charges.
Just two days before a court hearing was expected to hold, the Nigerian government decided to clear the charges. Gambaryan had been in jail since April, waiting for his trial. Even though he is now free, the case against Binance, his company, is still going on.
Nigerian Court Accused Binance And Gambaryan Of $34.4 Million Money Laundering
The charges were officially removed during a hearing at the Federal High Court in Abuja. Gambaryan, who is a US citizen, had been accused of being part of a plan to launder $34.4 million.
The judge agreed to let Gambaryan go free because of these worries but did not completely clear him of the charges. This means he is free now, but there might be more legal problems later. Discussions between the US and Nigerian governments enabled his release.
A lawyer from Nigeria’s Economic and Financial Crimes Commission (EFCC) said that Gambaryan’s health had become a big problem. Reports showed that Gambaryan could not walk without help and needed surgery. His poor health was an important reason for the decision to set him free from prison.
Even though the charges were dropped, the court did not fully clear Gambaryan of wrongdoing. The EFCC said the case is still open and has not been fully decided. This means the case may continue, but for now, the main focus is on Gambaryan’s poor health.
The Nigerian Government Released Gambaryan Due To His Deteriorating Health
Earlier in the trial, Gambaryan’s lawyers had tried to get bail for him because of his health problems, but the court denied it. The court believed that the prison system could handle his health care. However, his condition kept getting worse, and he eventually needed a wheelchair to move around.
In the recent ruling, the judge said that Gambaryan’s role as an employee was different from the role of Binance, the company he worked for. Binance, the judge said, remains the main focus of the case and could still face penalties.
Although Gambaryan is free now, Binance, the largest cryptocurrency exchange in the world, still faces serious legal issues in Nigeria. The company is accused of laundering more than $34 million, leading to problems in Nigeria’s foreign exchange market.
According to reports, Binance’s actions have harmed Nigeria’s foreign exchange reserves and created problems in the country’s financial market. The case against Binance is expected to continue in court for some time.
