Nigeria Drops Charges Against Binance Executive Tigran Gambaryan After Months of Detention

Nigeria’s Federal Government has unexpectedly dropped all charges against Tigran Gambaryan, a Binance executive who was arrested in February 2024 on allegations of tax evasion and money laundering.

While the tax evasion charge was dismissed in June, Gambaryan and another Binance executive, Nadeem Anjarwalla, faced charges of money laundering and illegal currency speculation.

On Wednesday, a lawyer representing the Economic and Financial Crimes Commission (EFCC) announced in court that all charges against Gambaryan, a U.S. citizen, were being withdrawn, stating he was simply an employee of Binance whose activities were being prosecuted.

Gambaryan and Anjarwalla were detained shortly after arriving in Nigeria for a meeting aimed at easing tensions between the government and Binance, following accusations that the cryptocurrency firm contributed to foreign exchange volatility after Nigeria’s decision to float the naira. Although the naira initially recovered some value in April, it has since continued to decline.

While Anjarwalla managed to escape detention earlier this year, Gambaryan remained in custody despite growing pressure from the U.S. government. Sixteen American lawmakers accused Nigerian authorities of holding him hostage, and in June, former U.S. prosecutors and federal agents urged Secretary of State Antony Blinken to intensify efforts for Gambaryan’s release.

Despite these appeals, Nigeria rejected two bail applications for Gambaryan, during which his health reportedly deteriorated. A visiting lawmaker noted that Gambaryan was suffering from malaria and double pneumonia and had lost significant weight due to inadequate medical care in Kuje prison.