After months of international lobbying, the Nigerian government has dropped all money laundering charges against Binance executive Tigran Gambaryan. The decision was announced at the High Court in Abuja, where the Nigerian Economic and Financial Crimes Commission (EFCC) confirmed the withdrawal of the charges. Gambaryan, who has spent most of 2024 in custody, will now be released and free to return home.
How did the Nigerian government come to this decision?
Did the U.S. Pressure Help?
The hearing was held sooner than expected due to mounting pressure from the United States, which pushed strongly for Gambaryan’s release. As a U.S. citizen with a relatively minor role at Binance, he was seen as an unlikely target for the company’s legal issues. His release marks a diplomatic success for the U.S., which had been advocating for a swift conclusion to the case.
Understanding the Allegations
The Nigerian authorities accused Binance of five counts of money laundering and currency speculation, involving around $34 million. Gambaryan was previously denied bail over fears he might flee, despite his worsening health. He was detained alongside fellow Binance executive Nadeem Anjarwalla, who managed to escape Nigeria earlier this year.
Crypto Regulation in Nigeria
With this six-month case now closed, Nigeria may see a shift in its cryptocurrency regulations. Binance, which has been expanding globally under CEO Richard Teng, is likely to renew efforts to secure an operating license in the country. This could lead to more defined rules for digital assets in Nigeria.
Nigeria is one of Africa’s top countries for crypto and Web3 adoption, drawing more investors as the Naira continues to lose value. The local currency has struggled significantly, depreciating nearly 90% against the U.S. dollar in recent years. This economic pressure has led many Nigerians to turn to cryptocurrencies as a way to protect their finances.
Stay tuned for updates on how this case will impact the future of crypto regulation in Nigeria and beyond.
