The Nigerian authorities have officially dismissed all allegations against Tigran Gambaryan, a senior executive at Binance Holdings, who had been detained since February.
On October 23, the Nigerian Economic and Financial Crimes Commission (EFCC) announced the withdrawal of the case at the Federal High Court in Abuja. Authorities clarified that Gambaryan, a citizen of the United States, was merely working for Binance and should not be held accountable for the charges brought against him.
His legal representation, led by attorney Mark Mordi, supported the EFCC’s decision, underscoring that Gambaryan had no involvement in Binance’s overarching financial strategies.
Justice Emeka Nwite sanctioned the case’s dismissal, thereby concluding Gambaryan’s protracted legal struggle spanning eight months.
This resolution follows closely on the heels of the Nigerian court’s rejection of his second request for bail.
As of the time of this report, Binance has not issued a statement in response to inquiries from CryptoSlate.
Background on Gambaryan’s Detention
Gambaryan was taken into custody in February 2024 upon arriving in Nigeria, where he and fellow executive Nadeem Anjarwalla had scheduled meetings with government representatives.
The Binance executives were in discussions with Nigerian officials, who accused the exchange of exacerbating volatility in the nation’s local currency’s exchange rate.
While Anjarwalla managed to escape from “legal custody” earlier in the year, Gambaryan remained detained despite advocacy efforts from Binance and increasing pressure from the US government.
Recently, a coalition of 18 attorneys general from the US called upon President Joe Biden and Secretary of State Antony Blinken to officially categorize Gambaryan as a hostage, suggesting that his detention was part of an effort to extort Binance.
His lengthy confinement sparked considerable outrage within the cryptocurrency community, particularly as his health began to decline. Reports indicate that he is facing serious health issues, including malaria, pneumonia, tonsillitis, and a herniated disc that now confines him to a wheelchair.
