BREAKING: FG DROPS MONEY LAUNDERING CHARGES AGAINST BINANCE EXECUTIVE

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The Federal government has dropped money laundering charges against Binance Holdings’ executive, Tigran Gambaryan on health grounds.

Gambaryan has been facing money laundering trial from detention since April.

The withdrawal of the charges was announced by counsel for the Economic and Financial Crimes Commission (EFCC), at the Federal High Court Abuja on Wednesday, before Justice Emeka Nwite.

The hearing is coming two days before the 25 October earlier scheduled as the return date by the trial judge in the open court last Friday.

Announcing the withdrawal of the charges, the EFCC lawyer said Mr Gambaryan, a United States citizen, was merely an employee of Binance, whose activities he was being prosecuted for.

Counsel to Gambaryan, Mark Mordi, agreed with the prosecution, saying that his client was not involved in the company’s broader financial decisions.

Earlier on October 11, the trial judge, Justice Emeka Nwite, had rejected his second bail application, ruling that Mr. Gambaryan’s grounds of ill health were not sufficient to release him from detention.

The judge then fixed 18 October for continuation for trial but mister Gambaryan was absent on health grounds, according to prison.

The judge then rescheduled the trial for 25 October, which appears to have now been overtaken by the event of Wednesday’s unpublicised hearing.