Nigeria’s anti-corruption agency has dropped a high-profile money-laundering case against Tigran Gambaryan, a top executive at Binance, to allow him to seek medical treatment abroad. Gambaryan, a US citizen, was arrested during a business trip to Nigeria in February and was charged with laundering $35.4 million, alongside Binance, which both denied.
Gambaryan, 40, was head of financial crime compliance at Binance, the world’s largest cryptocurrency exchange, which Nigeria blames for contributing to its recent economic challenges. Authorities accused the platform of manipulating exchange rates and engaging in currency speculation, which they said destabilized the local naira.
The charges against Binance were part of a broader crackdown on cryptocurrency firms, which the Nigerian government suspected of facilitating money laundering and terrorism financing.
Gambaryan’s health deteriorated during his time in custody at Kuje Correctional Centre in Abuja, prompting his family to advocate for his release. His wife, Yuki, raised concerns in August, stating that her husband’s worsening back condition could lead to permanent damage and impair his ability to walk.
Despite the High Court denying him bail twice over concerns that he was a flight risk, the Economic and Financial Crimes Commission (EFCC) announced on Wednesday that it would drop the charges to allow Gambaryan to receive treatment abroad. This decision followed his failure to appear in court due to illness.
The tax evasion charges against Binance, brought by Nigeria’s Federal Inland Revenue Service, remain active and will continue to be pursued in court.
Binance has also faced legal issues in the United States. In April, its founder, Changpeng Zhao, was sentenced to four months in prison for facilitating money laundering on the platform.
