On October 23, a Nigerian court ordered the release of Binance executive Tigran Gambaryan after the government dropped money laundering charges against him to allow him to get medical treatment abroad, reports Reuters. Binance is the world’s largest cryptocurrency exchange, commanding a significant share of global trading volume and boasting over 200 million users.
Gambaryan, a United States citizen and former IRS agent, had been in detention in Nigeria since late February while visiting the country to address regulatory concerns about Binance. He was accused of money laundering and operating an unlicensed financial institution. He was held at Kuje prison, where his health had reportedly deteriorated, with prison officials describing him as “very sick.” Gambaryan’s wife, Yuki, had previously stated that his health had declined to the point where it “might leave permanent damage and affect his ability to walk.”
Nigeria’s Economic and Financial Crimes Commission (EFCC) withdrew the case against Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, in open court in the capital city, Abuja, on Wednesday morning. The EFCC said it would continue the money laundering case against Binance without Gambaryan.
The judge, Emeka Nwite, had previously denied Gambaryan bail twice, citing flight risk concerns. Despite these denials, diplomatic efforts between Nigerian and U.S. government officials, alongside U.S. lawmakers campaigning for Gambaryan’s release, ultimately led to the charges being dropped. U.S. lawmakers had written to relevant authorities to intervene on Gambaryan’s behalf.
The prosecution’s lawyer clarified that Gambaryan was merely an employee of Binance, not involved in the company’s broader financial decisions, which was echoed by Gambaryan’s defense lawyer, Mark Mordi, a Senior Advocate of Nigeria.
“We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country,” said EFCC lawyer Ekele Ihenacho. Ihenacho also added that diplomatic arrangements had played a key role in securing Gambaryan’s release, although he did not elaborate further.
Last week, the court adjourned Gambaryan’s trial to Friday because he could not appear in court due to illness. Lawyers said the case was brought forward to Wednesday to set him free and allow him to get medical treatment outside Nigeria. Gambaryan had been charged alongside Binance with laundering more than $35 million. Both Gambaryan and Binance have denied the charges.
Separate tax evasion charges against Binance remain in place. Binance has also denied those charges.
