In a surprising turn of events, the Nigerian government has dropped all charges against Tigran Gambaryan, a high-ranking executive at cryptocurrency exchange Binance, who was arrested earlier this year. Gambaryan, who had faced charges of tax evasion and money laundering, was initially detained in February 2024 upon arriving in Nigeria for discussions with government officials.
The arrest of Gambaryan, a United States citizen, along with fellow Binance executive Nadeem Anjarwalla, stemmed from Nigeria’s claims that the crypto giant had contributed to the naira’s volatility following the currency’s flotation. While the charges of tax evasion were dropped early on, both Gambaryan and Anjarwalla were still pursued on charges of money laundering and illegal currency speculation.
However, this morning, the Economic and Financial Crimes Commission (EFCC), which had been handling the case, dropped the remaining charges against Gambaryan. The EFCC’s legal team reportedly stated that Gambaryan, as an employee of Binance, was not directly responsible for the actions he was being prosecuted for.
Gambaryan’s detention had caused a diplomatic stir between Nigeria and the United States, with U.S. lawmakers expressing outrage over his continued incarceration. Despite multiple bail applications, Gambaryan was held in custody for months, even as his health deteriorated. U.S. lawmakers visited him in prison and lobbied for his release, citing reports of him suffering from malaria, double pneumonia, and significant weight loss, while also being denied proper medical treatment.
The prolonged detainment of Gambaryan led to accusations of him being held as a political pawn, with U.S. officials calling for stronger diplomatic intervention. In June, a group of former U.S. prosecutors and federal agents penned a letter to U.S. Secretary of State Antony Blinken, urging him to escalate efforts to secure Gambaryan’s release.
The dropping of charges marks the end of a tense period for Binance in Nigeria, where the cryptocurrency platform has faced scrutiny over its influence on the nation’s financial stability.
