Nigeria Withdraws Charges Against Binance Executive for Health Reasons

The Economic and Financial Crimes Commission (EFCC) has dropped the money laundering charges against Tigran Gambaryan, allowing him access to necessary medical care. The U.S. citizen was arrested in February during a business trip to Nigeria and subsequently faced allegations of laundering $35.4 million, a charge he denied. As the head of compliance at Binance, the world’s largest cryptocurrency exchange, Gambaryan’s arrest was part of a broader crackdown by Nigeria on cryptocurrency businesses, accused of contributing to the nation’s economic instability.

Gambaryan’s family had raised concerns over his health due to worsening conditions in the Kuje Correctional Centre, where he had been detained. His wife reported that the herniated disc in his back had deteriorated significantly. Despite previous bail denials from the High Court, the case was suddenly dropped following his illness during a scheduled court appearance. Although the money laundering charges have been dismissed, the tax evasion charges against Binance are still active and will proceed in court.

This case highlights ongoing tensions between Nigeria and cryptocurrency platforms, which are under scrutiny for potential economic crimes, and reflects the complexities surrounding cryptocurrency regulation in the nation.