The Nigerian government has unexpectedly dropped all charges against Tigran Gambaryan, a top executive at Binance Holdings, who had been detained since April on allegations of money laundering.
This surprising development unfolded during a discreet hearing at the Federal High Court in Abuja on Wednesday, signalling the culmination of months of behind-the-scenes diplomatic negotiations between Nigerian and U.S. officials.
Charges and Legal Proceedings Against Gambaryan
Tigran Gambaryan, an official at Binance and a U.S. citizen, was charged with five counts of currency speculation and money laundering totalling $34.4 million. He was arrested at the Kuje Correctional Centre in Abuja after being arraigned in April.
The Nigerian Economic and Financial Crimes Commission (EFCC) charged Gambaryan with engaging in illegal financial operations, citing his involvement with the cryptocurrency business Binance as the basis for the charges.
However, according to Gambaryan’s defence team, which was headed by Senior Advocate of Nigeria (SAN) Mark Mordi, Gambaryan was only a Binance employee and had nothing to do with the larger financial choices that served as the foundation for the accusations.
During the hearing, the prosecuting attorney for the EFCC echoed this opinion, which resulted in the charges being dropped.
Diplomatic Efforts and U.S. Advocacy
The decision to withdraw the charges is believed to be the result of extensive diplomatic lobbying between the U.S. and Nigerian governments. For months, U.S. lawmakers and officials had been advocating for Gambaryan’s release, citing concerns about his health and the legitimacy of the charges.
The legal proceedings had drawn considerable attention due to Gambaryan’s position within Binance, one of the world’s largest cryptocurrency exchanges, and the broader implications for U.S.-Nigerian relations.
U.S. lawmakers, as part of their advocacy efforts, had written to Nigerian and U.S. authorities, requesting intervention in the case, which they believed was being unduly prolonged.
Judge Orders Officials to Refer Gambaryan to a Hospital
Throughout his detention, Gambaryan’s health had been a recurring issue. His defence team filed two bail applications on the grounds of ill health, both of which were rejected by the court.
The judge emphasized that the Nigerian Correctional Service (NCoS) had the necessary facilities to manage his condition and ordered that he be referred to a hospital for a two- to three-day period if required.
Days before the planned return date of October 25, the hearing on Wednesday seemed to have been purposefully low-key to avoid public attention.
The EFCC’s attorney emphasised in the charge withdrawal announcement that Gambaryan’s position at Binance did not support the accusations made against him.
With the charges dropped, the case against Gambaryan came to an abrupt end, much to the relief of his legal team and supporters. The hearing concluded quietly, marking the end of his six-month detention.
Gambaryan’s legal battle is over, but Binance is still being prosecuted separately in Nigeria for tax evasion. Another judge at the Federal High Court in Abuja is hearing these charges in a separate case.
The regulatory issues facing Binance in Nigeria are part of a larger worldwide trend where regulators are paying more attention to cryptocurrency exchanges.