Nigeria’s anti-corruption agency has dropped a money-laundering case against a top cryptocurrency executive to allow him to get medical treatment abroad. Tigran Gambaryan, a US citizen, was arrested on a business trip to Nigeria in February and later charged alongside his company Binance with laundering $35.4 million (£28 million), which they denied.
The 40-year-old was in charge of financial crime compliance at Binance, the world’s largest crypto exchange, which Nigeria blames for much of its recent economic turmoil. The country accused the digital platform—where investors can buy, sell, and trade cryptocurrencies—of fixing exchange rates and currency speculation, which led to the free-fall of the local currency. Binance Cryptocurrency Tigran Gambaryan
The charges against Binance, including tax evasion offences that it denies, were part of a clampdown by Nigerian authorities on cryptocurrency firms, amid fears they were being used for money laundering and financing terrorism. Mr. Gambaryan’s family has been calling for his release due to concerns about his health, stating that conditions at the Kuje Correctional Centre—a prison in the capital, Abuja, where he had been held since April—were exacerbating a back problem. “The herniated disc in his back has worsened to the point where it might leave permanent damage and affect his ability to walk,” his wife, Yuki, said in August. Binance Cryptocurrency Tigran Gambaryan
The High Court judge has twice denied him bail, stating that he was a potential flight risk. This decision followed the escape from custody of his colleague Nadeem Anjarwalla, a British-Kenyan dual national who was Binance’s Africa regional manager. Anjarwalla was arrested alongside Mr. Gambaryan in February but fled the country within weeks of the pair being put under house arrest and is still wanted by Nigerian authorities.
According to the Reuters news agency, Gambaryan’s trial was adjourned last Friday because he was unable to appear due to illness. The Economic and Financial Crimes Commission (EFCC) then announced in court in Abuja on Wednesday that it was dropping the case against him. “We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country,” Reuters quotes EFCC lawyer Ekele Ihenacho as saying.
The tax evasion charges filed against Binance by the Federal Inland Revenue Service will still be pursued in court. Binance has also faced legal issues in the US. Last November, its founder Changpeng Zhao resigned, and in April, he was sentenced to four months in prison for allowing criminals to launder money on his platform. Cryptocurrency Tigran Gambaryan
