Ongoing Binance Case: Court Allows Executive’s Release Citing Health Concerns

Ongoing Binance Case: Court Allows Executive’s Release Citing Health Concerns
The Federal Government has withdrawn money laundering charges against Tigran Gambaryan, an executive at Binance Holdings Limited. Gambaryan was facing $35 million in charges from the Economic and Financial Crimes Commission (EFCC), but was released due to health concerns and diplomatic pressures.....KINDLY READ THE FULL STORY HERE▶

During a court session, EFCC counsel R. U. Adagba informed Justice Emeka Nwite that the charges against Gambaryan were being dropped due to his deteriorating health and the fact that he is an employee of Binance, which has a greater impact on the case. Adagba emphasized that while the charges against Gambaryan were discontinued, the case against Binance Holdings would continue.

Gambaryan’s attorney, Mark Mordi (SAN), requested expedited proceedings for his client’s release, citing the need for medical care. Mordi also appealed for acquittal based on Section 108 of the Administration of Criminal Justice Act. However, the prosecution objected, stating that the case remains active and has not been heard on its merits.

Justice Nwite ultimately discharged Gambaryan from the money laundering charges and adjourned the case against Binance Holdings for further hearings on November 22 and 25. He ordered the immediate release of Gambaryan from the correctional facility.

At a previous hearing, the court had expressed concern over Gambaryan’s absence, as neither defense nor prosecution was informed of his whereabouts. It was later confirmed that he was hospitalized due to serious health issues, including a herniated disc and mental health concerns.

The prosecution maintained that Gambaryan’s health condition had been exaggerated, asserting that he had received adequate treatment in custody and refused medication at top medical facilities. They argued that he did not require bail, as his condition did not warrant it.

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