After eight long months of detention, Binance executive Tigran Gambaryan has finally been released from a Nigerian prison. The decision to free him was made on health grounds, as his health had significantly deteriorated while in custody. Gambaryan, a 40-year-old former US federal agent, heads Binance’s financial crime compliance team and had been incarcerated since February.
The Nigerian prosecutors withdrew the $35 million money laundering charges against Gambaryan during a hearing at the Federal High Court in Abuja. This move was influenced by both diplomatic interventions and Gambaryan’s severe health issues. He had been suffering from an injured back and malaria, and his condition had worsened to the point where he required a wheelchair.
The lawyer representing Nigeria’s Economic and Financial Crimes Commission (EFCC) announced the withdrawal of the case, which was accepted by Justice Emeka Nwite. This decision follows months of diplomatic talks between the US and Nigerian governments, with US lawmakers pushing for Gambaryan’s release after his bail was denied twice by Nigerian courts.
Although Gambaryan is now free, Binance itself continues to face significant legal challenges in Nigeria. The company is still accused of laundering over $34 million through illegal currency speculation, which allegedly harmed Nigeria’s foreign exchange reserves and market stability.
The release of Gambaryan marks a culmination of intense diplomatic efforts and highlights the critical health concerns that had become a central issue in his trial. Despite his release, the case against Binance remains ongoing.
