The federal government has dropped money laundering charges against Tigran Gambaryan, a Binance Holdings executive, after six months of trial following his arrest in Nigeria.
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The Economic and Financial Crimes Commission (EFCC) announced the withdrawal at the Federal High Court in Abuja, stating that Gambaryan, a U.S. citizen, is simply an employee of Binance.
His attorney, Mark Mordi, a Senior Advocate of Nigeria, concurred, emphasizing that Gambaryan was not involved in the company’s major financial decisions.
Things You Don’t Know About Binance
Binance Holdings Ltd., commonly known as Binance, is a global company that operates the largest cryptocurrency exchange by daily trading volume.
Founded in 2017 by Changpeng Zhao, a developer with a background in high-frequency trading software, Binance started in China before relocating to Japan shortly before the Chinese government imposed restrictions on cryptocurrency companies.
The exchange then moved to Malta and currently does not have an official headquarters.
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Throughout its history, Binance has faced numerous lawsuits and regulatory challenges.
As a result, it has been banned from operating in certain countries and has incurred various fines. Allegations have also been made regarding its potential use as a funding mechanism for terrorist groups.
In November 2023, Binance pleaded guilty in a U.S. federal court to charges of money laundering, unlicensed money transmitting, and sanctions violations.
In 2021, both the U.S. Department of Justice and the Internal Revenue Service launched investigations into the company over allegations of money laundering and tax offenses.
Additionally, the UK’s Financial Conduct Authority ordered Binance to cease all regulated activities in the United Kingdom in June 2021.
That same year, Binance reportedly shared client data, including names and addresses, with the Russian government.
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