Nigeria Drops Charges Against Binance Executive Tigran Gambaryan

Nigeria’s Economic and Financial Crimes Commission (EFCC) has dropped money-laundering charges against Tigran Gambaryan, a top executive at cryptocurrency exchange Binance, allowing him to seek urgent medical treatment overseas. Gambaryan, a U.S. citizen, had been held at Kuje Correctional Centre since his arrest in February. He and Binance had been accused of laundering $35.4 million, charges both have denied.

Gambaryan, who oversees financial crime compliance at Binance, has faced deteriorating health while in detention, with reports of a severe back condition that requires surgery. His wife, Yuki, had publicly raised concerns about his health, stating that his condition could cause permanent damage if left untreated. The decision to drop the charges, according to EFCC lawyer Ekele Ihenacho, was made in light of Gambaryan’s medical needs and diplomatic discussions between Nigeria and the U.S.

Also read: Nigeria Drops Tax Evasion Charges Against Binance Executives but Money Laundering Charges Still Active

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The charges against Binance, however, remain active, and the tax evasion case filed by the Federal Inland Revenue Service (FIRS) will continue. This marks a broader crackdown on cryptocurrency firms in Nigeria, as authorities have expressed concerns over their role in money laundering, foreign exchange violations, and financing terrorism. Binance, the world’s largest cryptocurrency exchange, has been under scrutiny, with Nigerian officials blaming the platform for exacerbating economic instability and the devaluation of the local currency.

The court proceedings, presided over by Justice Emeka Nwite, ended with Gambaryan being officially discharged, but not acquitted, of the charges. The ruling followed the EFCC’s acknowledgement of his health issues, as well as its view that Gambaryan’s role at Binance did not significantly impact the case against the company. Justice Nwite ordered Gambaryan’s immediate release from Kuje Prison.

The EFCC confirmed that its case against Binance will continue, with a hearing scheduled for November. The cryptocurrency platform remains under scrutiny for its operations in Nigeria, particularly concerning tax evasion and foreign exchange-related offences. The legal battle has drawn attention to Nigeria’s evolving stance on cryptocurrency, as the country seeks to regulate the sector amid concerns over economic stability and security.

Gambaryan’s release brings temporary relief to his family, who have been advocating for his health and liberty. His colleague, Nadeem Anjarwalla, a British-Kenyan dual national and Binance’s Africa regional manager, had escaped from house arrest and fled Nigeria shortly after their detention in February. Anjarwalla remains at large, and Nigerian authorities continue to pursue his capture.

The case against Binance, one of the world’s most influential digital platforms, has highlighted the increasing tension between African nations and global cryptocurrency companies. As Nigeria looks to strengthen its financial systems and address the challenges posed by digital currencies, the outcome of this case may have long-term implications for the cryptocurrency industry across the continent.