The Nigerian government has officially withdrawn the money laundering charges against Tigran Gambaryan, an executive of Binance Holdings Limited, marking the end of his eight-month legal battle and detention.
Gambaryan, a U.S. citizen and former federal agent who currently leads Binance’s financial crime compliance team, was arrested in February 2024 on allegations of money laundering and manipulation of the naira.
The charges were brought forward by Nigeria’s Economic and Financial Crimes Commission (EFCC) in April. However, on Wednesday, the EFCC’s legal team informed the Federal High Court in Abuja of their decision to withdraw the case. The prosecution acknowledged that Gambaryan was simply an employee of Binance and was not personally responsible for the activities that led to the charges.
Justice Emeka Nwite accepted the withdrawal, effectively releasing Gambaryan from further legal proceedings in Nigeria. This decision comes amid reports that Gambaryan had been facing health issues, including back injuries and malaria, during his detention. His poor health had previously prevented him from attending a court hearing just last week.
The arrest of Gambaryan and his colleague, Nadeem Anjarwalla, in February prompted strong reactions from Binance and Gambaryan’s family, who insisted that the charges were baseless. Over the course of his detention, representatives of Binance and U.S. lawmakers had been advocating for the case to be dropped.
With this development, Gambaryan is expected to return to his responsibilities at Binance, as the company’s operations in Nigeria face ongoing scrutiny from financial regulators.
