Charges Dropped Due to Health Concerns
Nigerian authorities have formally dropped all charges against Binance’s head of financial crime compliance, Tigran Gambaryan, on account of failing health. Gambaryan had been detained since February 2024 on suspicion of money laundering and currency manipulation. His release comes after months of court and legal battles, during which Gambaryan’s health seriously deteriorated. Reports said he had a herniated disk, malaria, and pneumonia – conditions his lawyer argued needed immediate medical attention that was not available in the prison system.
Health Concerns Cause Denial of Bail
Earlier this month, the Nigerian court denied Gambaryan’s bail application despite the deteriorating health of the defendant. His lawyer Mark Mordi was deeply concerned with the condition of his client, underlining the fact that surgery and follow-up medical attention were required, which Gambaryan would not find in prison. The refusal of his bail application brought more pressure on Nigerian authorities, particularly after U.S. lawmakers described his detention as “unlawful” and called for his immediate release.
Gambaryan was being detained at the Kuje correctional facility in Abuja, while his lawyers had long struggled to see him released because of poor health. His case had already drawn broad international interest and outrage due to perceived corruption and mismanagement.
Binance’s Role and Allegations
This will be the latest release, with the world’s largest cryptocurrency exchange Binance repeatedly calling for his release on the basis that he was not in a decision-making position for the company when he visited Nigeria. In a public statement, Binance accused the Nigerian authorities of demanding a secret payment to settle the matter-a claim which Nigerian officials have also vehemently denied.
The six-month standoff put a light on how the Nigerian justice system handles high-profile foreign nationals and, potentially, diplomatic tensions between Nigeria and countries involved, such as the United States and Kenya.
This could, in the wake of Gambaryan’s release, ensure further discussion on the intersection of crypto regulation, international relations, and protections under law for foreign nationals detained on financial crime allegations.
