Nigerian Authorities Drop All Charges Against Binance Executive After 7 Months in Custody

In a significant development, Nigerian authorities have dropped all charges against Binance executive Tigran Gambaryan, who had been detained for the last 7 months.

In the march of this year, two Binance executives were arrested in Nigeria. While one executive managed to secure release, Gambaryan remained in custody, where his health declined. As a result, Binance and other advocacy groups explored every avenue to address the improper treatment and ensure his release.

On October 23, local news agency Premium Times reported that the Economic and Financial Crimes Commission (EFCC) announced the withdrawal of all charges against Gambaryan in the Federal High Court in Abuja. The EFCC lawyer explained that Gambaryan was not playing a key role in Binance’s activities, which were the focus of the investigation.

Media reports also suggested that the decision, originally scheduled for October 25, was moved forward by two days to avoid generating significant public attention. According to a report by Reuters, the EFCC’s decision seemed to focus more on allowing Gambaryan to access necessary medical treatment rather than on other legal factors.

Despite the release of the executive, the case against Binance itself remains active. Binance stopped providing crypto services in Nigeria in March 2024, but the exchange is still facing charges of tax evasion. These include failing to register with Nigeria’s Federal Inland Revenue Service (FIRS).

Binance Coin (BNB) Price Action

At present, the Binance Coin (BNB), which is the native token used on the Binance exchange, is trading at $589. This marks a 1% increase in its value over the last 24 hours.

Read also: Ripple Co-founder’s Bank Account Terminated, He Criticizes Biden administration