Binance executive Tigran Gambaryan to be set FREE as Nigerian government drops all charges

The Nigerian government conceded that Gambaryan was only an employee of Binance.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

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

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

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

Justice Emeka Nwite approved the dismissal of the government’s case, effectively ending Gambaryan’s eight-month ordeal.

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

Binance has yet to respond to CryptoSlate’s request for comment as of press time.

Gambaryan’s detainment

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

The Binance executives were meeting with Nigerian authorities which had accused the exchange of contributing to the country’s local fiat currency foreign exchange volatility.

While Anjarwalla fled “legal custody” earlier this year, Gambaryan was detained despite advocacy from Binance and increased pressure from the US government.

Last week, a group of 18 US attorneys general urged President Joe Biden and Secretary of State Antony Blinken to officially classify Gambaryan as a hostage being held to extort Binance.

Meanwhile, his prolonged detention ignited significant backlash within the crypto community, particularly as his health deteriorated. Reports indicate that he suffered from malaria, pneumonia, tonsillitis, and a herniated disc, which now confines him to a wheelchair.

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