In October 2024, the Federal High Court in Abuja ordered the release of Binance executive, Tigran Gambaryan, from the Kuje Correctional Centre.
Justice Emeka Nwite issued the directive after the Economic and Financial Crimes Commission (EFCC), represented by counsel R. U. Adagba, informed the court of the federal government’s decision to withdraw the charges against him.
The decision was based on two key factors: Gambaryan’s deteriorating health and diplomatic interventions.
Gambaryan was the second defendant in a case filed by the EFCC against Binance Holdings Limited, which was accused of tax evasion, currency speculation, and money laundering totaling $34.4 million.
Despite previous bail rejections, the EFCC’s legal team told the court that, following diplomatic discussions, the federal government had opted to discontinue the case against Gambaryan.
While Binance’s lawyer, Olujoke Aliu, and Gambaryan’s counsel, Mark Mordi (SAN), did not oppose the application, Mordi requested that his client be acquitted rather than just discharged, arguing that Gambaryan was merely an employee of Binance.
In his ruling, Justice Nwite granted the EFCC’s application, paving the way for Gambaryan’s release.
