Binance executive Tigran Gambaryan is released as the Nigerian government drops all charges

The Nigerian government has officially dropped all charges against Tigran Gambaryan, a Binance Holdings executive who has been detained since February.

On October 23, the Nigerian Economic and Financial Crimes Commission (EFCC) announced the withdrawal of the case at the Federal High Court in Abuja. Authorities clarified that Gambaryan, a US citizen, was merely an employee of Binance and was not responsible for the actions he was accused of.

Gambaryan’s legal team led by Mark Mordi supported the EFCC’s position. They emphasized that Gambaryan is not involved in Binance’s broader financial decisions.

Judge Emeka Nwite agreed to the government’s dismissal of the case, ending Gambaryan’s eight-month ordeal.

Notably, this development comes less than a week after the Nigerian court rejected his second bail application.

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Gambaryan’s imprisonment

Gambaryan was arrested in February 2024 upon his arrival in Nigeria, where he and his colleague Nadeem Anjarwalla had met government officials.

Binance executives met with Nigerian authorities who accused the exchange of contributing to the volatility of the country’s local fiat currency.

While Anjarwalla escaped from “custody” earlier this year, Gambaryan was arrested despite Binance’s advocacy and increasing pressure from the US government.

Last week, a group of 18 U.S. attorneys general called on President Joe Biden and Secretary of State Antony Blinken to formally designate Gambaryan as a hostage being held to blackmail Binance.

Meanwhile, his prolonged incarceration sparked significant backlash within the crypto community, especially as his health deteriorated. He reportedly suffered from malaria, pneumonia, tonsillitis and a herniated disc that now confines him to a wheelchair.

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