Binance Executive Released from Nigerian Custody, Money Laundering Charges Dropped

Nigerian government dropped all money laundering
charges against the detained Binance executive Tigran Gambaryan, local media
publication Premium Times reported.

The decision was revealed two days before a previously
scheduled hearing, marking the culmination of months of diplomatic
interventions. However, the case against Binance itself continues. The company faces allegations of laundering millions of dollars and disrupting
Nigeria’s foreign exchange market.

The charges were reportedly withdrawn during a hearing
at the Federal High Court in Abuja. Gambaryan, a US citizen, had been held in prison since April, awaiting trial for his alleged involvement in laundering
$34.4 million.

Diplomacy and Health Concerns

His release followed a formal request by the
prosecution, citing diplomatic concerns and his serious health
issues. The judge promptly ordered his release but did not grant full
acquittal, leaving open the possibility of further legal action.

A lawyer representing Nigeria’s Economic and Financial
Crimes Commission (EFCC) pointed to diplomatic talks between the
US and Nigerian governments, which had been ongoing for months. High-level negotiations took place behind the scenes,
with US lawmakers reportedly pressing for Gambaryan’s release after Nigerian courts twice denied his bail.

The legal representative also highlighted Gambaryan’s rapidly declining health in prison, which had become a pressing issue. His inability to walk
without assistance and the need for surgery were cited as critical factors in
the prosecution’s decision.

Despite the dropped charges, the EFCC opposed full
acquittal, stressing that Gambaryan’s case was still ongoing and had not been
heard on its merits. The health of the Binance executive had been a recurring
concern throughout the trial.

Gambaryan’s Health

Gambaryan’s health reportedly worsened to the point
where he required a wheelchair. The defense had sought bail on health grounds
twice, only to be denied by the court, which ruled that the prison system could
adequately manage his condition.

In Wednesday’s ruling, the judge agreed that
Gambaryan’s role as an employee did not warrant the same level of
responsibility as Binance, which remains the primary defendant in the case.

While Gambaryan is now free, Binance, the world’s
largest cryptocurrency exchange, continues to face significant legal challenges
in Nigeria. The company is accused of laundering over $34 million through
illegal currency speculation, harming Nigeria’s foreign exchange reserves and
market stability.

This article was written by Jared Kirui at www.financemagnates.com.