The Nigerian government has withdrawn the money laundering case against Binance Holdings executive Tigran Gambaryan, who had been detained in Nigeria since April. The Nigerian Economic and Financial Crimes Commission (EFCC) announced the dismissal of charges during a court session at the Federal High Court in Abuja on Wednesday, marking a significant development after months of diplomatic negotiations.
Diplomatic Efforts Yield Results
The situation in Nigeria began in February when Binance executives, including Tigran Gambaryan and his colleague Nadeem Anjarwalla, were detained during a visit. While Anjarwalla managed to escape, Gambaryan had remained in Kuje Prison since April.
In June, the Nigerian Federal Inland Revenue Service had cleared both executives of tax evasion charges. However, the money laundering allegations persisted until the EFCC announced their withdrawal on Wednesday, effectively ending this case as well.
Binance CEO Issues Warning
Gambaryan’s attorney, Mark Mordi, stated that his client played no direct role in the company’s financial decisions. He also noted that Gambaryan’s release was achieved due to ongoing diplomatic efforts between the U.S. and Nigeria. Binance CEO Richard Teng criticized the arrests from the beginning, asserting that they set a negative precedent for international business relations.
Gambaryan’s release raises uncertainties regarding the resolution of tensions between Binance and Nigeria, yet the withdrawal of charges is deemed a significant development.
