Binance CEO Tigran Gambaryan has had his money laundering charges dropped in Nigeria after he spent seven months in prison.
According to local reports, the Nigerian government is dropping all charges against Gambaryan, leaving Binance as the sole defendant in the lawsuit.
The judge in the case, Emeka Nwite, ordered Gambaryan released from prison just two days before his trial on October 25, after the prosecutor requested this earlier in the day.
As stated by Advocate RU Adaba, Member of the Prosecution Service,
“The government has assessed the case and, taking into account the fact that the second defendant (Mr. Gambaryan) is an employee of the first defendant (Binance Holdings Limited), whose status in the case has more impact than that of the second defendant . Taking into account a number of critical international and diplomatic reasons, the State seeks to discontinue the case against the second defendant.”
Adaba further said Gambaryan’s deteriorating health was also a deciding factor in his release, adding that the defendant was confined to a wheelchair and he was recommended surgery.
“The defendant’s health is a recurring issue that the state through the NSA (the National Security Advisor) has managed well at the prison center.”
The decision to release Gambaryan comes after Judge Nwite ruled earlier this month that a person who is in poor health “does not entitle him to leave custody unless the detainee’s continued stay causes harm to others and quarantine is not possible is.”
Gambaryan, a former US Internal Revenue Service (IRS) agent, initially traveled to Nigeria with a colleague to hold regulatory talks.
However, he was jailed shortly afterwards and charged with money laundering and operating an unlicensed financial institution, while his colleague managed to flee the country.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further XFacebook and Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney