In a significant development in the cryptocurrency sector, Nigeria's anti-corruption agency has dropped money-laundering charges against Tigran Gambaryan, a senior executive at Binance, allowing him to obtain medical treatment outside the country.
Nigeria Drops Money Laundering Charges Against Binance Executive for Health Treatment
Nigeria Drops Money Laundering Charges Against Binance Executive for Health Treatment
Nigeria's anti-corruption agency permits Tigran Gambaryan to seek medical care abroad as charges are withdrawn.
The 40-year-old US citizen, who oversaw financial crime compliance at the world’s largest cryptocurrency exchange, was arrested while on a business trip to Nigeria in February and later accused of laundering $35.4 million along with Binance—a claim the company firmly denies. Nigerian authorities have accused Binance of being a significant factor in the country's economic challenges, including manipulating exchange rates and engaging in currency speculation, leading to the decline of the local naira.
The charges were part of a broader initiative by Nigeria to regulate cryptocurrency firms amid concerns about money laundering and terrorism financing. Gambaryan's family, meanwhile, expressed serious concerns regarding his health after he developed severe complications related to a previously existing back issue while confined in the Kuje Correctional Centre in Abuja. His wife, Yuki, highlighted the worsening condition and potential long-term ramifications if he did not receive timely medical attention.
Despite multiple bail requests citing health risks, a High Court judge had previously dismissed these motions, viewing Gambaryan as a possible flight risk—particularly after a colleague, Nadeem Anjarwalla, escaped custody shortly after their initial detention.
As Gambaryan’s health issues led to an adjournment of his trial, the Economic and Financial Crimes Commission (EFCC) announced on Wednesday the withdrawal of the money laundering charges in order to facilitate his medical care. However, the court will still address tax evasion allegations against Binance itself, signaling that the regulatory scrutiny of cryptocurrency operations in Nigeria remains intense.
Meanwhile, Binance has faced legal challenges in the U.S. as well, with its founder, Changpeng Zhao, resigning last November amid allegations of facilitating money laundering on the platform.
The situation continues to evolve as Nigeria grapples with the implications of cryptocurrency regulation against the backdrop of its economic landscape.
The charges were part of a broader initiative by Nigeria to regulate cryptocurrency firms amid concerns about money laundering and terrorism financing. Gambaryan's family, meanwhile, expressed serious concerns regarding his health after he developed severe complications related to a previously existing back issue while confined in the Kuje Correctional Centre in Abuja. His wife, Yuki, highlighted the worsening condition and potential long-term ramifications if he did not receive timely medical attention.
Despite multiple bail requests citing health risks, a High Court judge had previously dismissed these motions, viewing Gambaryan as a possible flight risk—particularly after a colleague, Nadeem Anjarwalla, escaped custody shortly after their initial detention.
As Gambaryan’s health issues led to an adjournment of his trial, the Economic and Financial Crimes Commission (EFCC) announced on Wednesday the withdrawal of the money laundering charges in order to facilitate his medical care. However, the court will still address tax evasion allegations against Binance itself, signaling that the regulatory scrutiny of cryptocurrency operations in Nigeria remains intense.
Meanwhile, Binance has faced legal challenges in the U.S. as well, with its founder, Changpeng Zhao, resigning last November amid allegations of facilitating money laundering on the platform.
The situation continues to evolve as Nigeria grapples with the implications of cryptocurrency regulation against the backdrop of its economic landscape.
