By John Ikani
Nigeria’s anti-corruption agency has dropped a high-profile money laundering case against a senior crypto executive, enabling him to seek urgent medical care abroad.
Tigran Gambaryan, a U.S. citizen, was detained during a business trip to Nigeria in February and later faced accusations along with Binance, the cryptocurrency exchange he worked for as a financial compliance officer. The case involved allegations of laundering $35.4 million (£28 million), claims both he and Binance have denied.
The Nigerian government had placed Binance at the center of its criticism, blaming the platform for contributing to the country’s economic struggles. Authorities accused Binance of manipulating currency exchange rates and engaging in speculative practices that worsened the depreciation of the naira.
These accusations came amid broader efforts by Nigerian authorities to crack down on cryptocurrency firms, which they feared were being misused for money laundering and terrorism financing activities. Tax evasion charges against Binance were also part of the government’s efforts to tighten regulatory controls on the crypto industry.
Gambaryan’s health became a focal point of the case, with his family raising concerns that his condition had worsened due to his time in Kuje Correctional Centre. He reportedly suffers from a herniated disc, with his wife Yuki stating in August, “The herniated disc in his back has worsened to the point where it might leave permanent damage and affect his ability to walk.”
Despite his deteriorating condition, Gambaryan was denied bail on two separate occasions, with the court citing him as a flight risk. His case was further complicated by the escape of Nadeem Anjarwalla, Binance’s Africa regional manager, who fled Nigeria after being placed under house arrest alongside Gambaryan.
Last Friday, Gambaryan missed a scheduled court appearance due to illness, leading to an adjournment of his trial. On Wednesday, the Economic and Financial Crimes Commission (EFCC) told the court they were dropping the charges against him to allow him to seek treatment abroad.
“We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country,” said EFCC attorney Ekele Ihenacho, as reported by Reuters.
While Gambaryan’s charges have been dropped, the Nigerian government continues to pursue Binance on allegations of tax evasion.
Globally, Binance has faced mounting legal challenges, including the resignation of its founder Changpeng Zhao, who was sentenced to prison for money laundering violations earlier in the year.
