Nigerian Government Frees Binance Executive Tigran Gambaryan

The Nigerian government has ordered the release of Binance executive, Tigran Gambaryan as  all charges against him have been dropped.

A lawyer representing the Economic and Financial Crimes Commission (EFCC) announced the withdrawal of the charges at the Federal High Court in Abuja today, Wednesday, October 23, 2024.

EFCC lawyer Ekele Ihenacho reportedly said the charges were withdrawn to allow Gambaryan to receive medical treatment outside the country, adding that “diplomatic arrangements had also helped secure Gambaryan’s release.”

The Binance executive has been in custody since February for money laundering charges.

The EFCC charged Gambaryan and Binance with laundering over $35 million.

 Gambaryan pleaded not guilty, but he was held in custody at Kuje Correctional Centre while the case continued. 

Gambaryan’s health reportedly deteriorated while in custody, causing him to miss court appearance at some point.

He had sought release on medical grounds, but the judge insisted that his health was being managed by “renowned Nigerian medical experts.” 

His bail request was also rejected as the EFCC deemed the executive a flight risk.

However, the case was brought forward two days before the next scheduled hearing, allowing him to be freed to seek medical treatment outside Nigeria.

  Binance, had requested Gambaryan’s exclusion from the matter between the company and the Nigerian government.

The company stated that he had no decision-making authority in the company and was “a strict law enforcement professional who is not part of Binance management.”

While announcing the withdrawal, the lawyer reportedly said, “Mr Gambaryan, a United States citizen, was merely an employee of Binance for activities he was being prosecuted for.” 

Mark Mordi, Gambaryan’s lawyer, also affirmed that his client was not involved in the company’s broader financial decisions.

EFCC  will continue the money laundering case against Binance, leaving out Gambaryan.