The Nigerian government has dropped all charges against Binance executive Tigran Gambaryan, who had been held in a Nigerian prison for over seven months. The news was confirmed on October 23 at the Federal High Court in Abuja, where the Economic and Financial Crimes Commission (EFCC) announced the decision.
Gambaryan’s Role at Binance Not Key
The EFCC lawyer stated that Gambaryan, a U.S. citizen, did not hold a key position at Binance, which was the main focus of the investigation. This clarification appears to have played a role in the decision to drop the charges. Reports also suggest that the hearing was moved up to avoid attracting public attention.
While Gambaryan’s non-senior role at Binance was cited as the main reason for the case dismissal, other factors may have contributed. Bloomberg Law reported that his worsening health was another key reason behind the decision.
Gambaryan’s lawyer, Mark Mordi, had argued for months that his client’s health was deteriorating during his detention. Despite these claims, the EFCC previously pushed back, suggesting the defense exaggerated Gambaryan’s condition. Mordi also insisted that Nigeria’s healthcare system was unable to manage Gambaryan’s medical issues.
Background: Arrest Over Binance Dispute
Gambaryan, a former U.S. tax agent focusing on cryptocurrency, was arrested in February 2024 during a trip to Nigeria to resolve a dispute between the Nigerian government and Binance over allegations of illegal operations. Despite Binance’s decision to exit Nigeria in March, Gambaryan remained in custody, with his bail applications being denied twice due to concerns he would flee the country.
Despite dropping the charges against Gambaryan, Nigeria will continue its case against Binance, focusing on money laundering and tax-related accusations. Separate tax evasion charges against Binance remain, despite the exchange denying the allegations
