By Key Points
- Tigran Gambaryan can now leave Nigeria for medical care after the charges are dropped.
- He faced money laundering and tax evasion allegations linked to Binance.
- His health deteriorated in prison, suffering from a herniated disk and pneumonia.
- The U.S. calls for stronger crypto crime cooperation with Nigeria.
Binance executive Tigran Gambaryan can now seek medical treatment after Nigeria dropped all charges against him.
Gambaryan, a high-ranking official at Binance, faced serious money laundering and tax evasion allegations connected to his employer. Still, after over seven months in detention, Nigeria has dismissed the case.
His release highlights the intersection of health concerns, international pressure, and the global focus on cryptocurrency regulation.
BREAKING: Nigerian Government Drops All Money Laundering Charges Against Binance Executive Gambaryan | Sahara Reporters https://t.co/K1fNs5KVmo pic.twitter.com/5oJ0YfImpP
— Sahara Reporters (@SaharaReporters) October 23, 2024
Nigeria’s Case Against Binance Executive Tigran Gambaryan Dismissed
The Nigerian government initially charged Binance executive Tigran Gambaryan and Binance with money laundering.
Despite the seriousness of the allegations, Binance had repeatedly denied involvement in illicit activities, clarifying that Gambaryan was not involved in any decision-making roles regarding the company’s actions.
The case, primarily directed at Binance, put both the executive and the company in the spotlight.
Several months before the money laundering charges, Nigeria had also accused Gambaryan and Binance of tax evasion.
However, in both cases, the government backed down from the allegations, citing insufficient evidence. Most recently, Bloomberg reported that the charges were dropped primarily because of Gambaryan’s deteriorating health.
He had been suffering from a herniated disk and had previously battled pneumonia during his detention in Kuje prison. Despite these severe conditions, his initial requests for bail were denied by the court just two weeks before the final decision.
This move came as a relief to Gambaryan, whose detention had sparked an outcry from both Binance and political figures in the United States.
Videos of Gambaryan in a distressed state as he appeared in court in September caught international attention, prompting U.S. Representative French Hill to call the situation “outrageous.”
U.S.-Nigeria Partnership Strengthens Amid Crypto Crime Scrutiny
On the same day the charges were dismissed against Binance executive Tigran Gambaryan, the United States and Nigeria announced a new collaboration focused on combating crypto-related crimes.
The U.S. Department of Justice released a statement reaffirming their commitment to working closely with the Nigerian government to build up its cybercrime investigation capabilities, particularly in the realm of cryptocurrency.
The timing of this announcement suggests that the U.S. government may have played a role in pushing for Gambaryan’s release, given his former status as a legendary IRS investigator.
Before joining Binance, Gambaryan had a stellar reputation in the world of crypto crime investigations, leading major probes such as the ones connected to the infamous Silk Road dark web marketplace.
His unique expertise in cryptocurrency forensics and crime investigations added to the growing interest in his case. It also underscored the importance of regulating the fast-growing crypto industry.
Binance, too, is continuing to navigate legal and regulatory hurdles in multiple countries. CEO Richard Teng recently responded to allegations that Binance generated $26 billion in revenue from Nigeria, stating that this figure represented the total transaction volume in 2023, not revenue and that Nigeria had never been a core market for the exchange.
While Tigran Gambaryan’s ordeal has ended with his release, the larger issues of cryptocurrency regulation, enforcement, and international partnerships remain very much in play.
His case has become emblematic of the growing scrutiny around global crypto exchanges and the steps nations are taking to crack down on potential financial crimes within the industry.
By securing his freedom and highlighting the evolving crypto regulatory environment, Gambaryan’s story continues to draw attention to the legal challenges facing Binance and other major players in the space.
