The Nigerian Federal Government has made a surprising decision to drop charges against Tigran Gambaryan, a Binance executive who was arrested in February 2024. Initially facing charges of tax evasion and money laundering, the tax evasion charge was dismissed in June. Gambaryan, along with another Binance executive, Nadeem Anjarwalla, were then accused of money laundering and illegal currency speculation.
According to reports, the Economic and Financial Crimes Commission (EFCC) lawyer announced the withdrawal of all charges against Gambaryan. Gambaryan, a United States citizen, was described as merely an employee of Binance, for which his activities were under scrutiny.
Both Gambaryan and Anjarwalla were taken into custody in Nigeria after arriving for a meeting with government officials. The meeting aimed to ease tensions between Nigeria and Binance following allegations that the crypto company contributed to currency exchange rate instability after Nigeria’s decision to float the naira. Despite some recovery of the naira against the USD in April, it has since been declining.
While Anjarwalla managed to avoid detention earlier in Abuja, Gambaryan remained in custody despite efforts from the US government. Pressure mounted as American lawmakers and former US prosecutors urged for Gambaryan’s release due to concerns about his health and conditions in detention.
Despite bail applications being rejected and health deteriorating, Gambaryan’s situation drew attention and calls for intervention to secure his release. The complexities of the case and diplomatic pressures were evident as the legal proceedings unfolded.