Tigran Gambaryan: Nigerian Government Drops All Charges Against Binance Executive, Gives Reason
- Nigeria's federal government has announced its withdrawal of all the charges against the detained Binance executive Tigran Gambaryan
- The EFCC announced the move during the hearing of the case at the Federal High Court in Abuja on Wednesday, October 23
- The anti-graft agency noted that Tigran Gambaryan was only a staff of Binance and should not be charged in person for tax invasion that the company committed
Abuja, FCT - The Nigerian government has dropped all charges against Tigran Gambaryan, a Binance executive detained since April, for money laundering and currency speculation allegations involving $34.4 million.
In a surprise move, the Economic and Financial Crimes Commission (EFCC) announced the withdrawal of charges at the Federal High Court in Abuja on Wednesday, October 23, just two days before the scheduled trial date.
Source: Twitter
According to Premium Times, the EFCC maintained that Gambaryan, a US citizen, was deemed not involved in Binance's broader financial decisions, and his role was merely that of an employee.
Why the court freed Binance manager
This development comes after intense diplomatic lobbying between Nigerian and US government officials for Gambaryan's release. Some US lawmakers had earlier campaigned for his freedom by writing to relevant authorities to intervene.
Gambaryan's health issues had been a recurring concern during the trial, with two bail applications denied due to flight risk concerns. His colleague, Nadeem Anjarwalla, escaped custody in March, influencing the court's decision.
The case against Binance, however, will continue, with separate tax evasion charges pending before another judge. Gambaryan's release marks a significant turn in the high-profile case, which highlights the complex intersections of international diplomacy, finance, and justice.
Like many other countries, Nigeria has opposed the activities of cryptocurrency companies, citing various reasons, with tax evasion and fraudulent activities topping the list.
Binance CEO Richard Teng reacts
Meanwhile, Binance's CEO, Richard Teng, said he is relieved that Gambaryan has finally been released.
"We are deeply relieved and grateful that Tigran Gambaryan has finally been released after enduring nearly eight months of detention in Nigeria. Throughout this difficult period, Tigran has shown immense strength, and we commend his resilience in the face of such severe adversity. We are deeply thankful to everyone who dedicated countless hours to support Tigran’s release.
In a statement emailed to Legit.ng, Teng added that Tigran’s health and well-being remain the company's top priority. He said he can now receive the medical care and rest he so urgently needs alongside his family.
Binance not giving up on Nigeria
Despite the development, Teng said Binance looks forward to playing a constructive role in the efforts to "leverage blockchain technology" to address Nigeria's challenges.
"With a young, tech-savvy population and a strong interest in digital finance, Nigeria is well-positioned to leverage blockchain technology to address economic and social challenges. We look forward to playing a constructive role in that effort," he said.
Teng added that Binance remains committed to collaborating with global regulators to ensure compliance and transparency in the evolving digital asset space.
"We are eager to put this episode behind us and continue working toward a brighter future for the blockchain industry around the world," he said.
Naira vs dollar: Reno Omokri tackles Binance
Legit.ng earlier reported that Reno Omokri, a PDP chieftain and former presidential aide, condemned Binance's allegation that officials in NSA Nuhu Ribadu's office demanded a bribe from the cryptocurrency company.
Omokri claimed the allegations were a tactic to evade prosecution for their crimes, noting that Binance had recently admitted to money laundering and other illicit activities in the US.
The former presidential aide then challenged the cryptocurrency company to name the officials who demanded the $150 million bribe at the NSA office.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
