- Tigran Gambaryan’s release follows eight months of detention in Nigeria, citing health issues that required urgent medical attention.
- The EFCC dropped charges against Gambaryan, stating he held no key role at Binance in the activities under investigation.
- Nigeria continues its crackdown on Binance, with separate tax evasion allegations remaining despite the dismissal of Gambaryan’s case.
The Nigerian court finally withdrew all the accusations against Tigran Gambaryan, the former head of financial crime compliance at Binance, who was arrested in February. The Economic and Financial Crimes Commission (EFCC) announced this decision on October 23, 2024, regarding Binance’s business operations, which accused Gambaryan of not being actively involved.
Health Concerns Cited in Court Ruling
Concerns related to Gambaryan’s health had emerged due to his extended stay in the police department. Medical records suggested that during his stay of eight months in custody, he was treated for malaria, chest infection, and a recurrent problem of a herniated disc. His family and U.S. officials pointed out these deteriorating health conditions regarding the appalling medical service available in Nigerian prisons.
These health matters are deemed to have led to the EFCC’s withdrawal of the charges. Different sources aware of the surrounding circumstances provided information that the EFCC wanted to assist Gambaryan in obtaining medical treatment in another country. This aligns with initial statements made by his attorneys, who had attested that the Nigerian healthcare system could not meet his medical requirements. However, the defense claimed that Gambaryan was unwell, but the EFCC suggested this was not the case and that the court discontinued the matter.
Ongoing Legal Challenges for Binance
Although Gambaryan’s legal and investigatory case has been resolved to some extent, the position of Binance in Nigeria needs to be clarified. The Nigerian government is still reporting the crypto exchange for money laundering and has also been accused of tax fraud. According to these reports, it will continue charging the same regardless of ceasing proceedings against Gambaryan.
Gambaryan was arrested in February while he was discussing the ban on certain crypto trading platforms with Nigerian officials. His detention resulted in concerns around the world and US legislators’ concern for the treatment of US citizens overseas. Parliamentary initiatives were made to pressure Gambaryan’s release, emphasizing the political matter of the case.
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The Binance platform has faced growing regulation in Nigeria, especially after being associated with financial fraud. This has shifted to a general fight against cryptocurrency operations within the country as the government seeks to reign in the growing use of digital money. The decision to drop the charges against Gambaryan can be regarded more as a strategic action by the Nigerian government, which is concerned with regulating the country’s oil and gas sector and is trying to respond to international concerns over the case.
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