- Nigeria has dropped money laundering charges against Binance exec.
- Gambaryan will seek medical treatment abroad after being detained since February.
Nigeria has withdrawn money laundering charges against Tigran Gambaryan, an executive at Binance. This decision comes as Gambaryan seeks medical treatment abroad, according to the government’s lawyer. The announcement occurred during a court session at the Federal High Court in Abuja on October 23.
Gambaryan, a U.S. citizen, has been in detention since late February. He faced allegations of laundering over $35 million. Both Gambaryan and Binance have consistently denied these charges. Meanwhile, the Nigerian government plans to continue the case against Binance without Gambaryan.
Regulatory Challenges for Binance in Nigeria
The Economic and Financial Crimes Commission (EFCC) made this announcement. The EFCC lawyer stated that Gambaryan’s role at Binance was not senior. Thus, the focus of the case would shift to Binance itself. This clarification raises questions about the nature of the allegations against the company.
Prior to the withdrawal, the court had scheduled a hearing for October 25. However, the EFCC reportedly held the hearing on October 23 to minimize public attention. Gambaryan’s detention sparked concerns about the treatment of foreign executives in Nigeria. He has remained in custody for more than seven months. During this time, he has faced various legal challenges. These challenges included separate tax evasion charges that still stand against Binance.
Additionally, Nadeem Anjarwalla, the British-Kenyan regional manager for Binance in Africa, initially faced similar charges. However, Anjarwalla fled custody on March 22, 2024. This escape adds another layer to the ongoing saga involving Binance and its executives in Nigeria.
The Nigerian government’s decision to drop charges may reflect a shift in its approach. As authorities grapple with these challenges, Binance remains under scrutiny. The company continues to navigate regulatory hurdles globally, particularly in emerging markets.
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