Nigerian authorities have dropped all charges against Tigran Gambaryan, an executive at Binance, allowing him to seek medical treatment abroad after months of diplomatic talks between Nigeria and the U.S. The Economic and Financial Crimes Commission (EFCC) formally withdrew the case against Gambaryan, citing his deteriorating health and diplomatic interventions.
Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, had been detained in Kuje Correctional Centre, Abuja, since February, facing accusations of laundering over $35 million. Despite his and Binance’s denials, the court repeatedly denied his bail requests, citing concerns about flight risk. While charges against Gambaryan have been dropped, Binance still faces allegations of money laundering and tax evasion in Nigeria.
Government’s Decision
The EFCC requested that the court drop charges against Gambaryan due to diplomatic considerations and his limited role in Binance’s broader financial operations. According to EFCC lawyer Ekele Ihenacho, the priority was to allow Gambaryan to get medical treatment abroad, as his health had significantly worsened during his detention.
“The government has reviewed the case, and given the defendant’s role as an employee of Binance, as well as diplomatic considerations, we are seeking to discontinue the case against Mr. Gambaryan,” stated R.U. Adaba, another lawyer representing the EFCC. She acknowledged that Gambaryan was not the principal figure in the case, with Binance as the main defendant.
Health and Diplomatic Concerns
Gambaryan’s deteriorating health was a significant factor in his release. His wife, Yuki, had earlier described how his condition had worsened to the point where he struggled to walk, potentially leading to permanent damage. Although the Nigerian government attempted to manage his condition in custody, his health issues required specialized treatment unavailable within Nigerian prison facilities.
Diplomatic efforts, especially from U.S. lawmakers, increased pressure on Nigerian authorities to secure Gambaryan’s release. Behind-the-scenes negotiations between U.S. and Nigerian officials intensified as his condition deteriorated, leading to Wednesday’s court decision to release him two days ahead of a previously scheduled hearing.
Legal Proceedings Continue for Binance
While Gambaryan was released, the court refused to grant him full acquittal. The judge, Emeka Nwite, ordered his immediate discharge but maintained that the money laundering case against Binance would continue. The cryptocurrency firm is accused of laundering over $34.4 million, contributing to Nigeria’s foreign exchange challenges.
Mark Mordi, a senior lawyer representing Gambaryan, agreed with the prosecution’s decision to drop charges against his client. He urged the court to expedite the process, highlighting that Gambaryan played no direct role in Binance’s broader financial decisions. However, the EFCC opposed a full acquittal, arguing that the case was still active and had yet to be heard on its merits.
“The charges are being dropped due to health concerns, not a lack of evidence,” Adaba explained, reinforcing the government’s position to continue pursuing the case against Binance.
Background and Future of the Case
Gambaryan’s release marks the culmination of months of legal and diplomatic efforts. He had been held in Kuje Correctional Centre since his arrest alongside Binance in April on five counts of money laundering and currency speculation. His legal troubles began after a colleague, Nadeem Anjarwalla, reportedly escaped from custody in March, increasing concerns about Gambaryan’s flight risk. These factors led the court to deny his bail requests, despite his worsening health.
Earlier, on October 11, the court denied his second bail application, stating that the Nigerian Correctional Service was adequately managing his condition. However, in recent weeks, diplomatic efforts and concerns over his health condition led to the EFCC dropping its charges against him.
Although Tigran Gambaryan is now free, Binance continues to face charges, including a separate tax evasion case. The next phase of the trial, scheduled for November, will focus on Binance’s operations and the firm’s role in Nigeria’s financial system. This legal battle highlights the growing scrutiny on cryptocurrency firms and their regulatory challenges in emerging markets like Nigeria.
Gambaryan’s release is a significant development in the ongoing legal saga, but the larger issues surrounding Binance’s activities in Nigeria remain unresolved. As the case proceeds, it will likely draw more attention to the relationship between cryptocurrency regulation and national financial stability.
