United

Wednesday

The Nigerian government has dropped all charges against Binance executive Tigran Gambaryan, who has been detained in prison in Nigeria for more than seven months.
A lawyer representing Nigeria’s government prosecutor, the Economic and Financial Crimes Commission (EFCC), announced the withdrawal of the charges at the Federal High Court in Abuja on Oct. 23, local news agency Premium Times <a data-ct-non-breakable="null" href="https://www.premiumtimesng.com/news/top-news/747930-nigeria-drops-money-laundering-charges-against-binance-executive-gambaryan.html" rel="null" target="null" text="null" title="null">reported</a>.
The EFCC lawyer said that Gambaryan, a United States citizen, wasn’t serving a key role at Binance, whose activities were the target of the prosecution.
The EFCC reportedly dropped the charges against Gambaryan at a hearing coming two days before a courtroom session scheduled for Oct. 25. According to the report, the hearing on Wednesday appeared to have been held to avoid public attention as much as possible.
<h2 id="gambaryan-s-health-issues-behind-the-decision">Gambaryan’s health issues behind the decision?</h2>
While Premium Times indicated the main reason for dropping charges against Gambaryan was his non-senior role at Binance, other reports alluded to other factors.
A Reuters report <a data-ct-non-breakable="null" href="https://www.reuters.com/world/africa/nigeria-drops-money-laundering-charges-against-binance-executive-2024-10-23/" rel="null" target="null" text="null" title="null">suggested</a> the EFCC lawyer withdrew the case to allow Gambaryan to seek medical treatment abroad.
<a data-ct-non-breakable="null" href="https://news.bloomberglaw.com/business-and-practice/nigerian-court-releases-binance-executive-jailed-since-february" rel="nofollow noopener" target="_blank" text="null" title="https://news.bloomberglaw.com/business-and-practice/nigerian-court-releases-binance-executive-jailed-since-february">According</a> to a report by Bloomberg Law, the court discontinued the case on the grounds of Gambaryan’s deteriorating health, citing anonymous sources familiar with the decision.
<figure>
 <img alt="Government, Nigeria, Binance, Policy" src="https://s3.cointelegraph.com/uploads/2024-10/0192b929-d638-7e65-96a6-20d35dee6389" title="">
 <figcaption style="text-align: center;">
 Tigran Gambaryan, the head of financial crime compliance at Binance. Source: BusinessDay.ng
 </figcaption>
</figure>
Gambaryan’s lawyer, Mark Mordi, had repeatedly argued that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/detained-binance-exec-posts-new-bail-motion-citing-worsening-health" rel="null" target="null" text="null" title="null">Gambaryan’s health had worsened</a> during his detention at Kuje prison in Abuja. However, the EFCC objected, claiming that Gambaryan’s defense exaggerated the severity of his condition.
Mordi also insisted that Nigeria’s health-care system could not adequately manage Gambaryan’s issues. 
<h2 id="nigeria-rejected-gambaryan-s-bail-twice">Nigeria rejected Gambaryan’s bail twice</h2>
Gambaryan, a former cryptocurrency-focused US tax agent, was <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-tigran-gambaryan-detained-nigeria" rel="null" target="null" text="null" title="null">detained by the Nigerian government</a> in February after traveling to Nigeria to address a dispute with Binance over allegations of unlawful operations in the country.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-founder-cz-walks-free-from-us-prison" rel="null" target="null" text="null" title="null">Binance founder CZ walks free from US prison</a>
Despite <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-cease-all-naira-services" rel="null" target="null" text="null" title="null">Binance announcing its full exit</a> from Nigeria in early March, the Nigerian government continued to detain Gambaryan, denying bail on two occasions.
<figure>
 <img alt="Government, Nigeria, Binance, Policy" src="https://s3.cointelegraph.com/uploads/2024-10/0192b929-336f-79cb-a907-247f0f0247a5" title="">
 <figcaption style="text-align: center;">
 Gambaryan in court. Source: Nairametrics 
 </figcaption>
</figure>
Judge Emeka Nwite first <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-bail-nigeria-money-laundering-trial" rel="null" target="null" text="null" title="null">denied Gambaryan’s bail application in May</a>, citing Gambaryan as a flight risk.
Nwite also <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-executive-denied-bail-nigeria-health-concerns" rel="null" target="null" text="null" title="null">rejected Gambaryan’s second bail application</a> in October, ruling that he should remain in prison despite his worsening health, as such a condition “did not entitle prisoners to leave custody.”
<h2 id="what-s-next-for-binance-in-nigeria">What’s next for Binance in Nigeria?</h2>
Despite dropping charges against Gambaryan, Nigeria will continue its money laundering case against Binance, according to multiple sources. 
Reuters reported that Nigeria’s separate tax charges against Binance also remain in place despite the exchange denying the allegations.
As previously reported, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-tax-evasion-verdict-nigeria-october-11-2024" rel="null" target="null" text="null" title="null">Binance is facing four counts of tax evasion</a>, including failing to register with Nigeria’s Federal Inland Revenue Service.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/0g-labs-michael-heinrich-ai-defi-goat-tao-aethir-hall-of-flame/" rel="null" target="null" text="null" title="null">Michael Heinrich loves AI coins Goat, Turbo &amp; Aethir… but not TAO: Hall of Flame</a>

Nigeria drops money laundering charges against Binance exec

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