Nigeria Drops Money Laundering Charges Against Binance Executive
Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has dropped a money laundering case against Tigran Gambaryan, a senior cryptocurrency executive at Binance, to allow him to seek medical treatment abroad.
Gambaryan, a U.S. citizen, was arrested during a business trip to Nigeria in February and was later charged alongside Binance, the world’s largest cryptocurrency exchange, with laundering $35.4 million—allegations both he and the company have denied.
The 40-year-old, who oversaw financial crime compliance at Binance, had been detained at Abuja’s Kuje Correctional Centre since April. His family expressed concerns about his deteriorating health, particularly a worsening herniated disc, which they feared could lead to permanent mobility issues.
Gambaryan’s trial was adjourned last Friday due to his illness. On Wednesday, the EFCC announced it was dropping the charges against him to facilitate his medical treatment abroad. “We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country,” EFCC lawyer Ekele Ihenacho stated in court.
However, the tax evasion charges against Binance, filed by Nigeria’s Federal Inland Revenue Service, remain active. Nigeria has blamed the crypto giant for contributing to its economic challenges, accusing the platform of currency manipulation and speculation, which it says has affected the naira.
Binance has also faced legal issues in the U.S., where its founder, Changpeng Zhao, resigned last year and was sentenced to prison for allowing criminal activities on the platform.
