Binance Executive Released as Nigeria Drops All Charges
By: Isha Das
In a significant development within the cryptocurrency industry, the Nigerian government has officially dropped all charges against Tigran Gambaryan, an executive at Binance Holdings. Gambaryan, who had been detained in Nigeria since February 2024, is set to be released following a decision by the Nigerian Economic and Financial Crimes Commission (EFCC) to withdraw the case at the Federal High Court in Abuja. This resolution comes after many months of deliberations during which Gambaryan was both incarcerated and denied bail.
Tigran Gambaryan, a US citizen working for Binance, faced considerable legal challenges in Nigeria. The charges were initially linked to allegations concerning Binance's operations, which authorities accused of impacting Nigeria's foreign exchange volatility. Despite the severity of these allegations, Gambaryan's legal defense, spearheaded by Mark Mordi, successfully argued that Gambaryan was not responsible for the broader financial operations or decisions of Binance. Their defense was further bolstered by the EFCC's decision to accept that Gambaryan was merely an employee and not culpable for the actions leading to his arrest.
The case attracted substantial international attention, especially as Gambaryan's health reportedly deteriorated during his detention. Reports surfaced detailing his struggles with several health issues, including malaria and pneumonia, which exacerbated his condition. The crypto community, along with advocacy from US government officials, including a group of 18 attorneys general, pressured both Nigerian and US authorities to resolve the matter swiftly, calling for Gambaryan to be declared a hostage held to extort Binance. His release follows the rejection of his second bail application just a week prior, highlighting a swift turnaround in the case's proceedings.
While Gambaryan is now set to return to the United States, the case underscores ongoing challenges and tensions within the global regulatory environment surrounding cryptocurrency exchanges. The situation serves as a critical reminder of the potential geopolitical risks that individuals within the sector may face, and reinforces the need for robust legal frameworks to protect executives from undue incarceration or legal action when no personal responsibility is involved. Binance has yet to publicly comment on Gambaryan's release, as the crypto world closely monitors the unfolding scenario and the broader implications for the industry.
