New York, Thursday, October 24, 2024-Nigeria’s Economic and Financial Crimes Commission (EFCC) has dropped money laundering charges against Tigran Gambaryan, a senior Binance executive, to allow him to receive medical treatment abroad.
The EFCC announced its decision to withdraw charges against Gambaryan on Wednesday, allowing him to seek urgent medical care. However, the court case against Binance remains ongoing, with the Federal Inland Revenue Service continuing to pursue tax evasion claims.
Gambaryan, a US citizen, was arrested in February 2024 during a business trip to Nigeria and charged with laundering $35.4 million. Both he and Binance denied the allegations.
Gambaryan, who headed financial crime compliance at Binance, was detained in Abuja’s Kuje Correctional Centre, where his health significantly worsened.
His family had expressed concerns about his deteriorating condition, particularly a herniated disc that threatened to cause permanent damage. Despite these concerns, Nigerian courts twice denied his bail due to flight risk concerns, citing a colleague’s earlier escape.
Gambaryan’s arrest was part of a broader Nigerian crackdown on cryptocurrency platforms, which authorities blame for contributing to the country’s economic instability. Binance, the world’s largest cryptocurrency exchange, faces accusations of exchange rate manipulation and currency speculation, which allegedly worsened Nigeria’s economic challenges.
Binance has faced increasing legal scrutiny globally. In November 2023, its founder Changpeng Zhao resigned amid charges of allowing criminal activities on the platform. Zhao was sentenced to four months in prison for facilitating money laundering in April 2024.
