Nigeria Drops Money Laundering Case Against Top Binance Executive Tigran Gambaryan for Medical Reasons

Nigeria's anti-corruption agency has dismissed a money laundering case against Tigran Gambaryan, a high-ranking executive at Binance, to enable him to seek medical treatment abroad. Gambaryan, a US citizen, was arrested during a business trip to Nigeria in February, charged alongside Binance with laundering $35.4 million (£28 million), accusations both parties have denied.

At 40, Gambaryan oversaw financial crime compliance at Binance, the world’s largest cryptocurrency exchange. Nigeria holds Binance partially responsible for its recent economic troubles, accusing the platform of manipulating exchange rates and engaging in speculative currency activities that contributed to the naira's sharp decline.

Tigran Gambaryan

The charges against Binance, which include tax evasion that the company denies, are part of a broader crackdown by Nigerian authorities on cryptocurrency firms, fearing their use in money laundering and financing terrorism.

Gambaryan's family has advocated for his release due to health concerns, noting that his back condition has worsened in the Kuje Correctional Centre, where he has been held since April. His wife, Yuki, previously warned that his herniated disc may cause permanent damage, impairing his ability to walk.

Tigran Gambaryan

Despite his poor health, the High Court denied him bail twice, citing concerns he might flee, especially after the escape of his colleague, Nadeem Anjarwalla. Anjarwalla, a British-Kenyan dual national and Binance’s regional manager for Africa, fled Nigeria shortly after being placed under house arrest alongside Gambaryan and remains at large.

The case was postponed last Friday when Gambaryan could not appear in court due to illness. On Wednesday, the Economic and Financial Crimes Commission (EFCC) announced it was dropping the charges to allow him to receive treatment abroad, though the tax evasion charges against Binance remain.

Binance has faced legal issues in the US as well. Last year, its founder Changpeng Zhao resigned and was sentenced to four months in prison for allowing illicit activities on his platform.