Bitcoin

Drops

Read

Tigran Gambaryan has finally been released from prison on health grounds and through diplomatic intervention before his official trial date of October 25. Nigerian security operatives detained the Binance executive in February this year as Nigeria took aim at Binance on the grounds of money laundering and other crimes.&nbsp; 
It is necessary to state that the Binance executive spent 9 months (264) days in Kuje Prison before his release.&nbsp;According to <a href="https://www.vanguardngr.com/2024/10/breaking-fg-drops-money-laundering-charge-against-binance-representative-gambaryan/" target="_blank" rel="noreferrer noopener nofollow">Vanguard</a>, Gambaryan was the second defendant in the case that the Economic and Financial Crimes Commission (EFCC) presented against the cryptocurrency platform, which was the first defendant. 
However, the EFCC counsel, R. U Adagba, informed the court that the anti-graft agency would continue the charge levelled against the company, Binance Holdings Limited, thereby adjourning the trial against the cryptocurrency firm until November 22 and November 25 this year.&nbsp; 
The questionable timing of the release of Tigran Gambaryan, an executive at Binance, a day before elections in the US raises eyebrows over the political angle. Considering the lobbying efforts being put by the US legislatures for his release, the timing is quite interesting since an election was around the corner.&nbsp; 
The US government may have pressured Nigeria to release Mr. Gambaryan so that there was no adverse publicity during the elections. Such a step would have been aimed at convincing voters that the present administration was keen on the safety of US citizens outside the borders. 
Nigeria’s Denial of Tigran’s Release Until Now&nbsp; 
While there are several factors, such as money laundering and the crimes against Binance as to reasons Nigeria detained Tigran and the Nigerian authorities want to ensure that thorough investigations was carried out. Due process was not followed and the humanitarian treatment given to Tigran was very poor.&nbsp; 
Although, the denial of bail could have been influenced by concerns about Gambaryan being a flight risk. The eventual release on health grounds suggests that Nigeria balanced its legal obligations with humanitarian considerations, possibly influenced by diplomatic pressure from the U.S. 
However, the ongoing investigation by Nigeria is in stark contrast to Gambaryan’s release, further reaffirming the harshness of the accusations against the Bitcoin service provider. The Nigerian authorities seem to be seeking explanations from Binance over its unscrupulous dealings and violations of law in the future. 
The prospect of additional inquiries regarding Binance activities is also indicative of Nigeria’s wider strategy to manage the cryptocurrency sphere as well as crime in finance. Therefore, bringing the case toward detention of the Bitcoin service provider will allow Nigeria to demonstrate how serious it is about the fight against laundering and other illegal acts. 
<h4 class="wp-block-heading" style="font-size:25px">Potential Benefits to U.S. Election</h4> 
Bearing the current US elections in mind, the timing of the release of Tigran Gambaryan can be construed as a tactical decision that has multiple advantages for the present administration.&nbsp; 
For starters, it shows that the government values the safety of its people in foreign nations which resonates well with the electorate. Such an action can even be spun as a victory in diplomacy and the government’s ability to manage international affairs in favor of its citizens is showcased. 
Gambaryan’s release from custody of over one year may also portray him in a less negative light to the American electorate. The best option would be to get the matter out of the way before the elections so that the administration is not on the back foot in the eyes of the electorate.&nbsp; 
Such an approach has the potential to add to the current storyline of the election campaign whereby the electorate is more attracted to those candidates who can provide visionary leadership. 
Gambaryan has also managed to capture the attention of the American audience who have an exponential increase in the audience of the cryptocurrency world. He is a high-profile model in the industry and his release can attract this demographic, which could turn out to be useful at the polling booth.&nbsp; 
The flexibility in the angle continues the ongoing push to include digital assets into established financial institutions that haven’t previously engaged with them, which only serves to reinforce the administration’s progressive vision. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read : <a href="https://www.cryptotimes.io/2024/10/23/nigeria-drops-money-laundering-charges-against-binance-executive-tigran-gambaryan/" target="_blank" rel="noreferrer noopener nofollow">Nigeria Drops Money Laundering Charges Against Binance Executive Tigran Gambaryan</a> 
</blockquote>

Tigran Gambaryan: Is the Release of Binance Executive an implication of the U.S. Election?

The Crypto Times

Other articles published on Oct 23, 2024

Bitcoin Faces Pressure as Altcoins Decline

What is Crypto Custody? A Beginner’s Guide

Bitcoin Retail Demand Jumps 13%: Q4 Rally Coming?

Sudeng, BLUB & SUILAMA Investors Flock to Suirum: The Next Meme Coin Making Waves on the SUI Bloc...

Ethereum Price Analysis: $2,700 Resistance Key to Altcoin Market Rally

Ethereum Co-Founder Reveals Crucial Details on ‘The Verge’: What It Means for ETH Price

Join our free newsletter for daily crypto updates!