Nigeria Drops Charges Against Binance's Compliance Chief: A Victory Amidst Crypto Turmoil
Brook.X
Tigran Gambaryan, the Head of Financial Crime Compliance at cryptocurrency exchange Binance and a former agent of the United States Internal Revenue Service (IRS), has been under arrest in Nigeria since February 2024. Invited to the country by Nigerian authorities, Gambaryan faced immediate detention upon arrival.
The arrest stemmed from serious money laundering charges directed at Binance for its non-compliant operations within Nigeria. Consequently, the company's executives, including Gambaryan, were held accountable for various allegations and penalties in lieu of the company itself.
During his months in detention, Gambaryan's health deteriorated rapidly due to poor conditions, leading to malaria and pneumonia infections. At a recent court hearing, he was unable to walk on his own and, lacking a wheelchair, had to rely on crutches.
Nigeria Finally Drops Money Laundering Charges Against Binance Executive/Former IRS Agent, Tigran Gambaryan
In addition to Binance's legal negotiations with the Nigerian government, the United States exerted pressure for the release of its citizen, arguing that the detention and charges were unjustifiable.
It remains unclear whether an agreement has been reached between Binance and the Nigerian government for Gambaryan's release, or if American pressure influenced Nigeria's decision. Details regarding when Gambaryan will be released or if he will travel to another country for treatment have not been disclosed by his legal representatives.
The Nigerian government has not provided further statements on the matter. Previously, the country accused Binance of illegal operations within its borders, leading to an illicit outflow of assets worth over $26 billion, which severely impacted the exchange rate of Nigeria's official currency, the Naira.
Nigeria initially invited Binance's head of financial crime compliance and the manager for Binance Africa for discussions, only to detain them upon arrival and confiscate their passports. Subsequently, the Nigerian government demanded a $10 billion fine from Binance.
