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Nigeria drops case against Binance executive

Nigeria drops case against Binance executive

GrafaGrafa2024/10/24 00:30
By:Isaac Francis

The Nigerian government has withdrawn all money laundering charges against Tigran Gambaryan, a Binance executive, after six months in custody. 

This decision was announced on Wednesday at the Federal High Court in Abuja, following diplomatic efforts between Nigerian and U.S. authorities. 

Gambaryan, a U.S. citizen, had been denied bail twice, with the judge considering him a flight risk due to the serious nature of the charges. 

Gambaryan’s arrest in February, alongside his colleague Nadeem Anjarwalla, followed an invitation to Nigeria for a supposed business meeting. 

However, the executives were detained without formal charges until March, and Gambaryan was later accused of five counts of money laundering and currency speculation involving $34.4 million. 

Reports indicate that behind-the-scenes negotiations between the U.S. and Nigerian governments played a key role in the withdrawal of charges. 

On October 25, a hearing was scheduled, but the decision to drop the charges came just two days before. 

Local media reported that this timing suggests diplomatic lobbying aimed to resolve the case discreetly and avoid drawing public scrutiny. 

Mr. Gambaryan’s legal representative, Mark Mordi, confirmed that his client was merely an employee and not involved in the company’s financial decisions. 

The prosecution acknowledged this, leading to the withdrawal of all charges. 

Mr. Gambaryan had been detained at Kuje Prison, notorious for its harsh conditions, raising concerns over his health during the proceedings. 

He missed an October 11 court hearing due to illness, which further fueled worries. 

Binance CEO Richard Teng criticised the initial detentions, describing them as setting “a dangerous new precedent” for companies invited to policy meetings. 

This recent development follows the release of Binance’s founder and former CEO, Changpeng Zhao, from detention in California in September. 

Despite this resolution, Binance still faces ongoing legal challenges, including tax evasion charges, in a separate case before the Federal High Court in Abuja.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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