Breaking: Nigerian Government Drops Money Laundering Charges Against Binance Exec Tigran Gambaryan

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto…

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Last updated:

October 23, 2024 06:57 EDT

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The Nigerian government has officially dropped all money laundering charges against Binance executive Tigran Gambaryan, who had been in detention since April.

The decision was announced by a lawyer representing the Economic and Financial Crimes Commission (EFCC) during a hearing at the Federal High Court in Abuja on Wednesday morning, according to Premium Times.

Gambaryan was detained in Nigeria in February alongside his colleague, Nadeem Anjarwalla, during a visit to the country.

While Anjarwalla later escaped, Gambaryan remained held at the Kuje Correctional Center.

Binance Executives Accused of Money Laundering

The case against the Binance executives involved allegations of money laundering and tax evasion.

While Gambaryan and Anjarwalla were removed from the tax evasion charges in June, they still faced separate money laundering accusations until today’s announcement.

Diplomatic efforts between Nigerian and U.S. officials have been ongoing for months to secure Gambaryan’s release.

In June, US lawmakers French Hill and Chrissy Houlahan made a visit to Kuje Prison in Nigeria, where Gambaryan was being held.

Hill described Gambaryan’s wrongful detention in what he called a “horrible prison,” bringing attention to the health concerns Gambaryan is facing while in custody.

Binance CEO Richard Teng had previously criticized Nigeria for setting a negative precedent by detaining the two executives, raising concerns about the broader impact on international business relations.

Just recently, the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) expressed concerns over the ongoing legal disputes between cryptocurrency exchange Binance and the Nigerian government.

BICCoN, which represents the Nigerian blockchain industry, urged a balanced approach to resolving these issues, noting the potential implications for the country’s blockchain ecosystem and international reputation.

The detention of the Binance executives came after the Nigerian government banned cryptocurrency channels as part of a campaign against currency speculation.

The devaluation of the Naira, with a 70% loss of value against the dollar since last year’s foreign exchange reforms, has further complicated the situation.