Nigeria Withdraws Charges Against Binance Director

According to information from Bloomberg, at a closed session of the Federal High Court in Abuja (Nigeria), representatives of the Economic and Financial Crimes Commission (EFCC) announced the withdrawal of all charges against Tigran Gambaryan, Binance’s Head of Anti-Money Laundering, citing the defendant’s deteriorating health condition.

The court session, held two days earlier than expected on October 23, was arranged to avoid public attention. At the hearing, Senior Advocate Mark Mordi, representing Gambaryan, successfully demonstrated that his client was not involved in Binance’s key financial decisions, thereby refuting allegations of money laundering and tax evasion.

Reflecting on the case’s developments, Gambaryan (a former U.S. IRS agent) and Nadeem Anjarwalla (Binance’s Director for Africa) were arrested upon arrival in Nigeria on February 26. They had been dispatched to resolve tensions between Binance and Nigerian authorities, who accused Binance of indirectly undermining the Naira through cryptocurrency speculation and evading taxes amounting to $35 million.

Related: Nigerian Government Moves to Tax Cryptocurrency Transactions

While being detained at Kuje Correctional Center in Abuja, Gambaryan’s health significantly deteriorated, especially after contracting malaria. His condition worsened, leading to his collapse in court on May 22, forcing the trial to be postponed until June.

Despite his declining health being cited as grounds for bail, all bail requests were denied. The court ruled that Gambaryan was a high flight risk, particularly after Anjarwalla successfully fled. The judge also concluded that the defense had failed to prove that the Nigerian Correctional Service (NCoS) lacked adequate medical care for Gambaryan.

The decision to withdraw charges is seen as a result of prolonged diplomatic efforts between the Nigerian and U.S. governments, including appeals to President Joe Biden. Binance CEO Richard Teng had also repeatedly called for the release of his “colleague.”

With this latest development, Gambaryan is expected to be released soon. Currently, only Nadeem Anjarwalla and Binance itself still face charges from Nigerian authorities.