Charges dropped: Binance executive freed by Nigerian court decision

Tigran Gambaryan, a leader at the cryptocurrency company Binance, was released on Wednesday, October 23, in Nigeria. He had been in custody since February, facing accusations of money laundering alongside the American company, involving $35 million.

A Nigerian court ruled that Binance executive Tigran Gambaryan should be released after the government dismissed money laundering charges against him, enabling him to seek medical treatment overseas.

Gambaryan was reportedly released due to the decline in his health condition, but according to the Financial Times, it was actually the diplomatic pressures from Washington that led the Nigerian government to drop the charges.

The Economic and Financial Crimes Commission (EFCC) retracted the case against Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, during a court session in Abuja.

Gambaryan in charge of financial crime compliance at Binance, along with the head of the Africa division, travelled to Nigeria at the request of authorities for a meeting.

They were subsequently arrested and accused of laundering approximately $35 million and operating without a license.

Both Gambaryan and Binance refute the allegations.

Gambaryan has been in custody in Nigeria since late February and held at Kuje prison.

The Binance group continues to face charges of money laundering, with the trial postponed until November.

This is not the first time Binance has faced legal challenges. In April, its founder pleaded guilty in the United States.

The U.S. Treasury accused the company of failing to prevent transactions on its platform that benefited terrorist groups.