After an arrest that lasted over seven months, Nigerian authorities have decided to drop all charges against Binance executive Tigran Gambaryan. This announcement was made by the Economic and Financial Crimes Commission (EFCC) – Nigeria’s government prosecutor – during a session at the Federal High Court in Abuja on October 23rd.
At the hearing, the EFCC attorney explained that Tigran Gambaryan, a U.S citizen, did not occupy a critical role within Binance, which was the entity primarily being prosecuted. This hearing was notably not conducted on the originally scheduled date, October 25th, but rather two days earlier – a move seemingly intended to minimize public scrutiny into the proceedings.
Indications point towards Gambaryan’s deteriorating health being a significant factor behind this decision. The EFCC counsel reportedly withdrew the case so that Gambaryan would be free to seek medical intervention overseas. Gambaryan’s defense counsel had previously repeatedly argued, albeit unsuccessfully, that his client’s health was declining in prison and required attention that the Nigerian health care system was not adequately equipped to provide.
Gambaryan, a former US tax agent specializing in cryptocurrencies, was arrested in Nigeria in February while attempting to resolve a dispute between Binance and the Nigerian authorities. The government alleged Binance had conducted unauthorized operations within its jurisdiction.
Despite Binance officially exiting Nigeria in March, the government denied Gambaryan’s bail applications twice, on the grounds of flight risk and the notion that prisoners with worsening health are not automatically entitled to leave custody.
Even though the charges against Gambaryan have been dropped, Nigeria will proceed with its money laundering case against Binance. Additionally, despite the firm’s denial, tax charges also remain against Binance. They stand accused of four counts of tax evasion, including a failure to register with Nigeria’s Federal Inland Revenue Service.