The Nigerian government has officially dropped all charges against Tigran Gambaryan, a key executive at Binance Holdings, who was facing serious allegations in a $34.4 million money laundering case since his arrest in April.
Gambaryan, a U.S. citizen and chief compliance officer for Binance, had been implicated in multiple counts of financial crimes linked to the company’s operations in Nigeria. The Economic and Financial Crimes Commission (EFCC) had initially filed these charges, but they were withdrawn during a confidential court session at the Federal High Court in Abuja on Wednesday, just days before a scheduled hearing on October 25.
This decision comes amid increasing scrutiny and concern over the treatment of foreign executives in Nigeria’s regulatory framework, especially following Gambaryan’s prolonged detention under harsh conditions.
Gambaryan had been detained at Kuje Correctional Centre under increasingly harsh conditions, where his health deteriorated significantly. His legal team, led by Mark Mordi SAN, had argued from the beginning that Gambaryan was merely an employee of Binance and not directly involved in the alleged financial improprieties of the platform. EFCC counsel R.U. Adagba agreed, informing Justice Emeka Nwite that the Nigerian government was withdrawing charges against Gambaryan due to his limited role and worsening health. However, the charges against Binance Holdings Limited would remain and continue in court.
It can be recollected that Gambaryan’s prolonged detention had sparked global outrage. His arrest followed a diplomatic visit to Nigeria in February, where he honored a formal invitation from both the Office of the National Security Adviser (NSA) and the EFCC to discuss compliance matters on behalf of Binance. Following his visit, he was unexpectedly detained, with Nigerian authorities linking him to a broader investigation into Binance’s role in alleged financial crimes. Despite repeated bail applications, Gambaryan remained imprisoned, as the EFCC considered him a flight risk.
Behind the scenes, however, pressure had been mounting. U.S. lawmakers and human rights advocates had lobbied intensely for his release, citing humanitarian concerns and urging Nigerian authorities to follow the path of Brazil and India, where Binance had resolved similar disputes without resorting to criminal prosecutions. Richard Teng, Binance’s CEO, made a public appeal earlier in the year, citing Gambaryan’s deteriorating health, and emphasized the need for diplomatic engagement to address the underlying compliance concerns without such severe punitive measures.
Read also: Binance Executive Tigran Gambaryan Files for Compensation in Nigerian Court.
The diplomatic pressure bore fruit as the court proceedings drew near. In his final court appearance, Gambaryan’s visibly distressed condition — appearing on crutches — drew further international attention, highlighting the harsh realities of his detention. His wife, Yuki Gambaryan, had also publicly called on U.S. officials to intervene more forcefully, emphasizing that her husband’s detention was being used as leverage against Binance. Her calls amplified growing concerns about the broader implications of the case on international business relations and compliance standards.
The decision to drop the charges was hailed as a victory for diplomacy and human rights, though it leaves several unanswered questions. The EFCC maintained its stance that Binance Holdings Limited would face trial for alleged money laundering and tax evasion, setting the stage for a continued legal battle.
For now, Gambaryan is expected to return to the U.S. for urgent medical care, but Binance’s legal troubles in Nigeria remain far from resolved. The next hearings in the case against the company are scheduled for November 22 and November 25, marking the continuation of what has become one of the most high-profile cryptocurrency-related legal battles in recent Nigerian history. As the case progresses, it will likely influence not just Nigeria’s approach to regulating digital assets but also broader international standards for corporate compliance and employee protection.
