FG Pursues Binance Lawsuit Despite Dropping Charges Against Executive

The Federal Government has confirmed its intention to proceed with the lawsuit against Binance Holdings Limited, even as it drops charges against the company’s executive, Tigran Gambaryan.

The decision comes after Gambaryan was facing $35 million money laundering charges brought by the Economic and Financial Crimes Commission (EFCC), which have now been withdrawn due to his ill health and external diplomatic pressures.

On Wednesday, EFCC counsel R. U. Adagba announced the withdrawal of charges against Gambaryan, acknowledging that the seriousness of his health issues and diplomatic considerations outweighed the need for his prosecution.

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“The government has reviewed the case and determined that Binance Holdings Limited holds a more significant status in the matter,” Adagba stated.

Despite the discontinuation of Gambaryan’s charges, the government remains committed to holding Binance accountable.

The trial against the cryptocurrency exchange is scheduled to continue on November 22 and 25, with authorities pursuing allegations of money laundering tied to the company.