Richard

2024

April

Drops

The Nigerian government officially dropped all charges against Tigran Gambaryan, a high-ranking executive at Binance Holdings, according to a&nbsp;<a style="text-decoration:none" href="https://africa.businessinsider.com/local/lifestyle/nigerian-government-drops-money-laundering-charges-against-binance-executive/eqfdedw">recent report</a> from Business Insider Africa.
Gambaryan, a U.S. citizen and former IRS agent, had been detained since April on allegations of money laundering and operating an unlicensed financial institution. The charges were formally withdrawn by the Economic and Financial Crimes Commission (EFCC) during a session at the Federal High Court in Abuja.
<h2 dir="ltr" id="span-span-background-the-arrest-and-detention-span-span">Background: The Arrest and Detention</h2>
Gambaryan was arrested in February 2024 while visiting Nigeria to discuss regulatory matters concerning Binance. His arrest came alongside that of a colleague, Nadeem Anjarwalla, though Anjarwalla managed to escape.&nbsp;
&nbsp;
Since then, Gambaryan has been held at the Kuje Correctional Center, where his health reportedly deteriorated. Efforts to secure his bail were unsuccessful, with Judge Emeka Nwite denying bail on the grounds of potential flight risks.
<h2 dir="ltr" id="span-span-diplomatic-efforts-leading-to-the-decision-span-span">Diplomatic Efforts Leading to the Decision</h2>
The decision to drop the charges follows months of intense diplomatic negotiations between Nigerian and U.S. government officials. U.S. lawmakers had also lobbied for his release, emphasizing the importance of fair legal proceedings for foreign nationals.&nbsp;
&nbsp;
The&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/u-s-lawmakers-call-for-hostage-status-in-case-of-binance-executive-held-in-nigeria">diplomatic push</a> resulted in the EFCC announcing the withdrawal of all charges during Wednesday’s court session. Mark Mordi, Gambaryan’s defense lawyer, confirmed the prosecution’s stance that Gambaryan had no involvement in Binance’s broader financial decisions.&nbsp;
&nbsp;
Having this clarification was crucial to the resolution of the case, since it distinguished Gambaryan's role at Binance from his alleged misconduct.
&nbsp;
This case gained international attention due to the involvement of Binance and the implications for global business relations. Binance CEO Richard Teng had previously criticized Nigeria’s decision to detain Gambaryan, warning that such actions could damage Nigeria’s international business reputation.
&nbsp;
In June, the Nigerian Federal Inland Revenue Service had removed Gambaryan and Anjarwalla from a separate tax evasion case.&nbsp;
<h2 dir="ltr" id="span-span-health-concerns-and-public-reaction-span-span">Health Concerns and Public Reaction</h2>
Throughout his detention, concerns about&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/binance-exec-health-deteriorates-in-nigeria-prison-report">Gambaryan’s health</a> were raised, with reports of him being “very sick” during his time at the Kuje Correctional Center. His prolonged detention and&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/binance-executive-s-health-deteriorates-in-nigeria-prison-wheelchair-bound-in-court">deteriorating health</a> further fueled the diplomatic efforts to secure his release.
&nbsp;
With the charges now dropped, Gambaryan’s legal team has shifted focus to ensuring his safe return to the U.S. It remains to be seen how the remaining charges against Binance will be addressed, but the diplomatic resolution in this case may pave the way for future dealings between Nigeria and international business leaders.

Nigerian Government Drops Charges Against Binance Executive Tigran Gambaryan

Table of Contents

BSCN

Other articles published on Oct 28, 2024

Is It Too Late To Buy DOGE? Department Of Government Efficiency Price Soars 46% After Elon Musk C...

HKEX launches digital asset index as Hong Kong expands crypto licensing

Ethena Labs Addresses Token Reward Claims with Clarity

Canary Capital Submits Landmark S-1 Filing for Litecoin ETF with SEC

Solana Network Experiences Latest Service Disruption

Grayscale Files to Convert Digital Large Cap Fund into Mixed Crypto ETF

Join our free newsletter for daily crypto updates!