Nigeria’s anti-corruption agency has dropped a money-laundering case against a prominent cryptocurrency executive to enable him to seek medical treatment abroad.
Tigran Gambaryan, a US citizen, was arrested during a business trip to Nigeria in February and subsequently charged, along with his company Binance, with laundering $35.4 million (£28 million)—a claim they both deny.
The 40-year-old was responsible for financial crime compliance at Binance, the world’s largest cryptocurrency exchange, which Nigeria blames for much of its recent economic challenges. Authorities have accused the platform—where users can buy, sell, and trade cryptocurrencies—of manipulating exchange rates and engaging in currency speculation, contributing to the decline of the local currency.
The charges against Binance, which include tax evasion allegations that it denies, are part of a broader crackdown by Nigerian officials on cryptocurrency firms, driven by concerns over money laundering and terrorism financing.
Gambaryan’s family has been advocating for his release due to health concerns, noting that conditions at the Kuje Correctional Centre in Abuja, where he has been detained since April, have worsened a back issue. His wife, Yuki, expressed in August that “the herniated disc in his back has worsened to the point where it might cause permanent damage and affect his ability to walk.”
A High Court judge has denied him bail twice, citing a potential flight risk, especially after his colleague Nadeem Anjarwalla, a British-Kenyan dual national and Binance’s Africa regional manager, escaped custody shortly after being placed under house arrest.
Gambaryan’s trial was postponed last Friday due to his illness, and on Wednesday, the Economic and Financial Crimes Commission (EFCC) announced in court that it was withdrawing the case against him. EFCC lawyer Ekele Ihenacho stated, “We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country.”
However, the tax evasion charges against Binance by the Federal Inland Revenue Service will still proceed 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 money laundering activities on the platform.
