Tigran Gambaryan, a Binance executive, has been cleared of all charges in Nigeria, following a court ruling on humanitarian grounds.
The Nigerian government officially cleared Tigran Gambaryan, a Binance executive, of all charges during a court session on October 23, 2024. According to Reuters, the Economic and Financial Crimes Commission (EFCC) requested the withdrawal of the case at the Federal High Court in Abuja.
Gambaryan, who works as the chief of financial crime compliance at Binance, had previously been cleared of severe allegations such as money laundering and currency manipulation. However, these charges have now been dismissed. The formal charges against him started when he arrived in Nigeria to attend to some country officials. He and his colleague Nadeem Anjarwalla were accused of contributing to the naira’s fluctuation.
For eight months, Gambaryan had to stay in prisons with bad conditions; Anjarwalla, for his part, was able to avoid arrest earlier this year. According to the papers, during his stay in prison, Gambaryan’s health became a critical state. Prisoners’ rights advocates also sought his release on humanitarian grounds, given complications from a herniated disc and malaria.
Humanitarian Grounds Lead to Dismissal of Charges against Gambaryan
Mark Mordi, his legal counsel, supported the EFCC’s request to discharge the charges. Mordi also pointed out that Gambaryan was just an employee of Binance and did not participate in other financial operations. The verdict is a turning point for both Gambaryan and Binance, an exchange that has been increasingly under pressure from global regulators.
Gambaryan’s worsening health condition was the crucial reason for suspending the process. Nigerian government spokesman Dele Oyewale also called for medical attention outside the country. Based on this humanitarian consideration, the judge threw the case out of court.
This has left many wondering what Gambaryan’s release will mean for Binance’s African operations. He had been arrested since late February for money laundering of more than $35 million together with Binance, which Gambaryan and the firm deny.
Even though the money laundering charges did not hold, there are other charges relating to tax evasion against Binance. EFCC lawyer Ekele Ihenacho stated that charges against Gambaryan were withdrawn due to his urgent need for medical attention. Additionally, diplomatic procedures helped secure his release. However, specific details about these efforts were not disclosed. Consequently, questions remain about Gambaryan’s future and health.
In August, Gambaryan’s wife, Yuki, expressed concerns about her husband’s deteriorating health. She stated that it could lead to permanent damage. Throughout his detention, she had fervently advocated for his release.
