Nigerian Court Orders Release of Binance Executive After Charges Dropped

Separate tax evasion charges against Binance remain in place.

By Reuters | Updated: 24 October 2024 13:50 IST

Nigerian Court Orders Release of Binance Executive After Charges Dropped

Photo Credit: Reuters

Gambaryan was charged alongside Binance with laundering more than $35 million

Highlights

Binance CEO was summoned in Nigeria back in March
Suspicions of money laundering was the reason
Binance has been called out for not having a physical presence in Nigeria

A Nigerian court on Wednesday ordered the release of Binance executive Tigran Gambaryan after the government dropped money laundering charges against him to allow him to get medical treatment abroad.

Nigeria's Economic and Financial Crimes Commission (EFCC) withdrew the case against Gambaryan, a US citizen and head of financial crime compliance at Binance, in open court in the capital city, Abuja, a lawyer for the EFCC said on Wednesday.

The EFCC said it would continue the money laundering case against Binance without Gambaryan.

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Gambaryan has been in detention in Nigeria since late February and held at Kuje prison. He was charged alongside Binance with laundering more than $35 million (roughly Rs. 294 crore). Gambaryan and Binance deny the charges.

Separate tax evasion charges against Binance, the world's largest crypto exchange, remain in place. Binance has also denied those charges.

"We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country," said EFCC lawyer Ekele Ihenacho.

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Ihenacho added diplomatic arrangements had also helped in securing Gambaryan's release, without elaborating.

In August, Gambaryan's wife, Yuki, said her husband's health had deteriorated in prison to the point where "it might leave permanent damage and affect his ability to walk". She asked for him to be freed and vowed to fight for his release.

Last week, the court adjourned Gambaryan's trial to Friday because he could not appear in court due to illness. Lawyers said the case was brought forward to Wednesday to set him free and allow him get medical treatment outside Nigeria.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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