The Nigerian authorities have dropped all charges against Tigran Gambaryan, head of financial crime compliance at leading crypto exchange Binance.
Gambaryan’s Free at Last
After months of deliberation, the charges against the senior executive were dropped due to his poor health, according to sources familiar with the court’s ruling.
Gambaryan had been detained in Nigeria since February for money laundering and currency manipulation.
During the court hearing, a lawyer representing the Economic and Financial Crimes Commission (EFCC) noted that Gambaryan was simply a Binance employee and was being prosecuted for actions related to the company’s operations.
Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Gambaryan, also agreed with the EFCC lawyer. He further noted that the executive had no involvement in Binance’s broader financial decision-making processes.
An Unjust Arrest?
Before the case was dropped, Gambaryan requested bail because he was down with severe malaria. However, the court denied his request twice despite his deteriorating health condition.
During a hearing on October 11, Gambaryan was noticeably missing from the courtroom due to his health challenges.
Mordi then asked the court to adjourn the hearing to a later date. The attorney noted that this would allow parties to take necessary steps to ensure the defendant received the required medical care.
In the last nine months, the Binance executive has witnessed challenging phases in Nigerian custody, during which time the Nigerian government accused the company of currency manipulation and money laundering.
Nigeria Goes After Binance
Earlier this year, Nigeria’s currency lost a lot of value, which revealed that Binance allowed Nigerian peer-to-peer (P2P) traders to manipulate the exchange rate. As a result, the crypto exchange had to stop P2P trading for Nigerian users.
In addition, the Nigerian government also requested information on Binance’s top 100 users in Nigeria, alleging that unidentified individuals conducted around $26 billion in transactions on the platform, which purportedly contributed to the decline of the naira.
In late February, Binance sent two senior executives to discuss the issue with the Nigerian government. Shortly after the talks, Nigerian law enforcement detained both of them.
One of the executives, Nadeem Anjarwalla, a British-Kenyan in charge of Binance Africa, escaped custody and left for another country. However, Gambaryan has stayed in the government’s custody and has faced trials. With the latest ruling, he will be freed and go back to his family
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