According to reports by Bloomberg and Reuters, the Nigerian government has dropped money laundering charges against Tigran Gambaryan, an executive at Binance Holdings Ltd., who had been detained since February. Gambaryan, who serves as Binance’s head of financial crime compliance, was released to seek medical treatment abroad after the charges were dropped due to his worsening health.
Gambaryan, a U.S. citizen, had faced accusations of laundering more than $35 million alongside Binance, allegations that both he and the company have consistently denied. Despite a request from his legal team for an acquittal, the court did not grant it, though it did allow the case against Gambaryan to be discontinued on health grounds. His detention at Kuje correctional center in Abuja had lasted since April, and a recent herniated disk had severely impacted his ability to walk. Earlier pleas for bail had been denied by the court in October.
While charges against Gambaryan have been dropped, the Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-corruption body, intends to continue its money laundering case against Binance without Gambaryan’s involvement. Separate charges of tax evasion against Binance also remain, which the company has denied.
Diplomatic arrangements helped secure Gambaryan’s release, according to the EFCC lawyer, though further details were not disclosed. Yuki Gambaryan, his wife, had previously raised concerns about his deteriorating health in prison, warning it could cause lasting damage and affect his ability to walk. She had been vocal about her desire for him to be freed to receive medical care.
Binance had also publicly campaigned for Gambaryan’s release, emphasizing that his visit to Nigeria was not in a decision-making capacity. The situation escalated earlier in the year when Binance CEO Richard Teng alleged that the team had been asked for a “secret” payment to resolve their issues during their stay in Abuja in January. Nigerian authorities denied the allegation, dismissing it as an attempt to shift focus away from Binance’s own activities.
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