By Mark Hunter
1 month agoThu Oct 24 2024 07:48:28
Reading Time: 2 minutes
- Nigeria’s anti-corruption agency has dropped money laundering charges against Binance executive Tigran Gambaryan
- Gambaryan, the company’s compliance head, was accused of laundering $35.4 million through the crypto platform but denied the allegations
- Gambaryan will now leave the country to seek medical help abroad, although the tax evasion charges against the company still stand
Nigeria’s Economic and Financial Crimes Commission (EFCC) has dropped charges against Tigran Gambaryan, the Binance executive facing money laundering allegations . Gambaryan, arrested in February during a business trip, was in charge of financial compliance at Binance, the world’s largest cryptocurrency exchange. Nigerian authorities had accused him and Binance of laundering millions and contributing to the country’s economic challenges, and while the corruption charges have been dropped so he can seek medical help, tax evasion charges against Binance remain.
Cryptocurrency and Economic Concerns in Nigeria
Gambaryan was arrested eight months ago as Binance fell under intense scrutiny in Nigeria, where the government has accused the platform of enabling financial crimes and contributing to currency instability. The EFCC charged Gambaryan and the company with laundering $35.4 million and accused the exchange of manipulating currency exchange rates.
As Gambaryan was moved from house arrest to the Kuje Correctional Centre in Abujaa, his family raised alarms over his worsening health , citing his need for specialized treatment for a herniated disc. Despite repeated bail requests, judges deemed him a flight risk, especially after his colleague, Nadeem Anjarwalla, escaped custody.
This led to Gambaryan being under strict surveillance, meaning that he was not allowed to seek medical help for suspected malaria.
EFCC Drops Charges Amid Health Crisis
Gambaryan’s worsening health led the EFCC to drop the money laundering charges on Wednesday, citing Gambaryan’s need for medical care abroad. He will now leave Nigeria to seek such treatment before returning to his family, ending his eight-month nightmare.
Gambaryan’s release is not the end of the story, however; tax evasion charges against Binance remain, and the case will go ahead in Gambaryan’s absence. This is in addition to charges against Binance from the Securities and Exchange Commission, which was recently amended to include more charges.
