In a major development, the Nigerian government has officially dropped all money laundering charges against Tigran Gambaryan, a Binance executive who had been detained since April. The decision was announced by a lawyer representing the Economic and Financial Crimes Commission (EFCC) during a Federal High Court hearing in Abuja on Wednesday, according to Bloomberg.
Gambaryan’s arrest, along with his colleague Nadeem Anjarwalla, in February during a visit to Nigeria, sparked widespread concern. While Anjarwalla was released after escaping from custody, Gambaryan remained detained at Kuje Correctional Center. Both executives faced accusations of money laundering and tax evasion. Although they were cleared of the tax evasion charges in June, the money laundering allegations remained until this week’s resolution.
The case drew significant diplomatic attention, with ongoing discussions between U.S. and Nigerian officials aimed at securing Gambaryan’s release. In June, U.S. lawmakers French Hill and Chrissy Houlahan visited Kuje Prison, where Gambaryan was being held. Hill described his detention as “wrongful” and called Kuje a “horrible prison”, highlighting concerns about Gambaryan’s deteriorating health conditions.
The detainment of the Binance executives had broader implications, drawing criticism from Binance CEO Richard Teng. Teng condemned the Nigerian government’s actions, arguing that the detention set a worrying precedent for international business operations in the country. Meanwhile, the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) also expressed concerns, urging for a balanced resolution to protect Nigeria’s blockchain ecosystem and international standing.
This legal saga unfolded against the backdrop of Nigeria’s challenging economic environment. In an effort to curb currency speculation, the Nigerian government had previously banned cryptocurrency channels, a move that coincided with the country’s broader campaign against the devaluation of the naira. The currency has lost 70% of its value against the U.S. dollar since last year’s foreign exchange reforms, adding complexity to the case and to Nigeria’s financial landscape.
The developments surrounding Gambaryan’s release will be a key topic of discussion at Benzinga’s Future of Digital Assets event on November 19th, where industry leaders will discuss regulatory challenges and the evolving global crypto landscape.