Tigran Gambaryan, a senior Binance executive, has finally been released after months in Nigerian custody. The Federal Government of Nigeria dropped charges against Gambaryan, who had been held since February 2024. Initially, he faced accusations of tax evasion and money laundering. Although the tax evasion charge was dropped in June, the money laundering allegations remained.
Pressure mounted for his release, especially from the U.S. government. Sixteen American lawmakers accused Nigeria of holding Gambaryan as a hostage. His health worsened during his detention, with reports indicating he had malaria, double pneumonia, and significant weight loss. He was even denied proper medical care while detained in Kuje prison.
On October 23, 2024, a Federal High Court in Abuja released the Binance executive on health grounds. Justice Emeka Nwite ruled that Gambaryan needed urgent medical treatment, which could not be provided in custody. The Economic and Financial Crimes Commission (EFCC) supported this, acknowledging that his limited role at Binance had little impact on their investigation.
Gambaryan was arrested after arriving in Nigeria to meet government officials. The meeting aimed to resolve tensions between Nigeria and Binance, as the government claimed Binance’s actions were contributing to foreign exchange volatility. Although his colleague, Nadeem Anjarwalla, escaped detention, Gambaryan remained incarcerated.
Diplomatic engagements between the U.S. and Nigeria played a role in dropping the charges. Justice Nwite struck out the money laundering charge and ordered Gambaryan’s immediate release. This brings an end to the personal charges against him, while the case against Binance itself continues.
The court also adjourned the trial of Binance itself to November 22, 2024, for continuation of proceedings.
