Nigeria Withdraws Money Laundering Charges Against Binance Executive

The Nigerian authorities have dropped money laundering accusations against Tigran Gambaryan, a high-ranking Binance executive, amidst concerns for his health while in custody.

Nigeria's Economic and Financial Crimes Commission (EFCC) has officially withdrawn charges of money laundering against Tigran Gambaryan, the 40-year-old US citizen and Binance's former financial crime compliance officer. This unexpected move was prompted by the need for Gambaryan to receive urgent medical care outside the country, a decision communicated in a recent court session in Abuja.

Gambaryan was apprehended during a business trip to Nigeria in February, where he and Binance were charged with laundering $35.4 million. The Nigerian government has linked Binance to ongoing economic challenges, citing allegations of manipulated exchange rates and fueling local currency devaluation, which has sparked a broader crackdown on cryptocurrency operations within the nation.

Despite the withdrawal of money laundering charges, Binance remains entangled in legal disputes over tax evasion questions, which the Federal Inland Revenue Service has vowed to pursue in court. This complex situation is exacerbated by the ongoing scrutiny from US regulators as Binance's founder, Changpeng Zhao, resigned last November and recently received a four-month prison sentence for allowing illicit activities on the platform.

Health concerns contributed heavily to the decision for Gambaryan's release. His family has expressed grave worries about the worsening condition of a herniated disc exacerbated by prison conditions, which they fear could lead to irreversible damage.

Gambaryan's initial bail requests were denied by the court, citing potential flight risks, especially following the escape of a colleague arrested in the same operation. While the legal battles continue for Binance in Nigeria and beyond, Gambaryan is expected to seek medical treatment as a priority.