Tigran Gambaryan Released as Nigerian Court Drops Money Laundering Charges Against Binance Crypto Exchange Executive

A Nigerian court has ordered the release of Tigran Gambaryan, a senior executive at Binance, after the government decided to drop money laundering charges against him. This decision comes as Gambaryan's health has deteriorated during his time in prison, and he now requires urgent medical treatment abroad.

The court, located in Nigeria’s capital city Abuja, heard that the country’s Economic and Financial Crimes Commission (EFCC) withdrew its case against Gambaryan, who is a U.S. citizen and head of financial crime compliance at Binance, the world’s largest cryptocurrency exchange. However, the EFCC made it clear that they plan to continue the money laundering investigation against Binance itself, even without Gambaryan.

Gambaryan had been held in Nigeria since late February, detained at Kuje prison. Both he and Binance faced accusations of laundering over $35 million. Despite these serious charges, Gambaryan and Binance have consistently denied any wrongdoing.

The EFCC, which is responsible for investigating economic crimes in Nigeria, was prosecuting Gambaryan alongside Binance for alleged financial misconduct. Gambaryan was accused of helping to process illegal funds through the Binance platform, but his legal team argued there was no evidence of his involvement in such activities. His detention had been a source of huge stress for his family, especially as his health took a turn for the worse.

The need for urgent medical attention played a key role in the court’s decision. Gambaryan’s wife, Yuki, has been vocal about his declining health, stating in August that his condition had worsened to the point that it could cause permanent damage. She feared it might even impact his ability to walk. Yuki pleaded for his release, urging authorities to consider his wellbeing. Her efforts, along with diplomatic negotiations, appear to have been successful in securing his freedom.

EFCC lawyer Ekele Ihenacho, speaking in court, explained that the charges against Gambaryan were being dropped specifically to allow him to receive medical care outside Nigeria. He also mentioned that diplomatic efforts had played a role in the outcome, though he did not provide further details on these negotiations.

Gambaryan's release is the end of a challenging period for him and his family. He had already missed a court appearance last week due to illness, which led to the postponement of his trial. Lawyers moved quickly to reschedule the hearing to Wednesday, ensuring his release and allowing him to seek medical help without further delay.

While Gambaryan has now been freed, the case against Binance continues. The EFCC is still investigating the company for money laundering, and Binance is also facing separate tax evasion charges. The company has denied both allegations and remains committed to fighting them in court.

The release of Tigran Gambaryan may provide some relief to his family, but Binance still faces significant legal challenges in Nigeria. The EFCC’s decision to pursue the case against the crypto exchange suggests that the government is not backing down in its efforts to regulate financial activities related to cryptocurrency.

As the investigation continues, Binance will need to prepare for a long legal battle in Nigeria. Cryptocurrency companies have faced increased scrutiny around the world, and this case adds to the growing list of regulatory challenges facing the industry. With the court case still unresolved, Binance’s future in Nigeria remains uncertain.

For now, Gambaryan is free, but Binance’s legal struggles are far from over. As the company fights to clear its name, the outcome of this case could have wider implications for the cryptocurrency market, both in Nigeria and internationally.