Nigeria’s Government Drops Money Laundering Charge Against Binance’s Jailed Executive

The Nigerian government has finally dropped the money laundering charges against Tigran Gambaryan, a Binance executive held in custody in the African country since February. According to a Bloomberg report, the detained Binance official will be released soon.

Nigeria to Release Gambaryan

Since April, the Nigerian government has claimed that Gambaryan and Binance aided money laundering crimes. The Binance executive has since appeared before the country’s federal court in Abuja to prove his innocence. While at it, Gambaryan’s health has deteriorated. At one point, he was diagnosed with malaria disease, forcing the court to adjourn his case. He was denied bail twice despite his ill health.

Two days before Gambaryan’s expected return to open court, a lawyer representing the prosecuting agency, the Economic and Financial Crimes Commission (EFCC), withdrew the charges against the Binance executive. A local report confirmed that the criminal charges “have been intentionally held to avoid public attention as much as possible.”

The lawyer stressed that Gambaryan, who is a United States citizen, was detained and charged for crimes he did not commit. Mark Mordi, one of the country’s renowned lawyers representing the accused Binance official, reiterated this point. He stated that his client was not involved in Binance’s “broader financial decisions.”

Gambaryan’s Unwarranted Arrest

The past nine months appear to have been a nightmare for the Binance executive. Earlier this year, Nigeria’s sovereign currency suffered a severe devaluation. Investigations revealed that Binance allowed Nigerian peer-to-peer (P2P) traders to manipulate the exchange rate. The exchange was subsequently forced to halt P2P trading for Nigerian users.

In late February, Binance sent two top executives to discuss the matter with the Nigerian government. Gambaryan was sent alongside Nadeem Anjarwalla, a British-Kenyan official managing Binance Africa. After minimal discussions, the law enforcement authorities in the country detained both Binance employees and confiscated their passports.

Months ago, Anjarwalla escaped custody in the country’s capital and went to another country. However, Gambaryan has remained in the government’s custody until today, despite U.S. lawmakers’ request for his release. With the latest ruling, he will be released and allowed to return to his family.