In a significant development, the Nigerian government has officially dropped all money laundering charges against Tigran Gambaryan, a senior executive at Binance Holdings. Gambaryan, who had been detained since April, faced allegations of laundering approximately $34.4 million. The announcement was made during a court session at the Federal High Court in Abuja.
The decision to withdraw the charges comes just two days before a scheduled court hearing and follows extensive diplomatic negotiations between Nigerian and U.S. officials aimed at securing Gambaryan’s release. His legal team highlighted concerns over his deteriorating health during his time in custody, which included serious mobility issues that necessitated medical attention.
During the court proceedings, a representative from Nigeria’s Economic and Financial Crimes Commission (EFCC) confirmed the withdrawal of charges, emphasizing that Gambaryan was merely an employee of Binance and not involved in the company’s broader financial operations. While he is now free, the case against Binance itself remains unresolved, as the company continues to face separate allegations related to money laundering and tax evasion.
Gambaryan’s release marks a pivotal moment in a case that has drawn international attention and raised questions about regulatory practices in Nigeria’s cryptocurrency sector. Despite the dropped charges, the EFCC has indicated that investigations into Binance will persist.
