The money laundering charges against an executive of Binance Holdings Limited were withdrawn by the Federal Government on Wednesday. The accused, facing charges of $35m in money laundering brought by the Economic and Financial Crimes Commission, was discharged on health grounds and diplomatic pressure. The prosecution informed the court of the decision to withdraw charges against the detained executive due to health reasons. However, the charges against the company, Binance Holdings Limited, will continue.
The court proceedings highlighted the consideration of the defendant’s health issues and diplomatic reasons for withdrawing the charges. The defense counsel requested expedited proceedings for the defendant’s release from the correctional facility. Despite the defense counsel’s plea for acquittal, the prosecution objected, stating that the case was still active and could be revisited.
The court eventually discharged the accused from the money laundering charges and adjourned the case against the company. The previous sitting had seen concerns raised about the defendant’s health and his absence from court due to treatment at a hospital. The defense counsel had requested bail for medical treatment outside the correctional facility, citing inadequate care. However, the bail application was denied, and the defendant was referred to a standard hospital in Abuja for treatment under security supervision.
The court’s decision marked the second time the defendant’s bail application was refused, with concerns raised about the flight risk posed by the accused. The case involves money laundering charges amounting to $35m against individuals associated with Binance Holdings Limited, with one fleeing custody and the other remanded in a correctional facility.