After being detained since February, Tigran Gambaryan, a Binance Holdings executive, has finally been freed as the Nigerian government dropped all charges against him. The Nigerian Economic and Financial Crimes Commission (EFCC) made the announcement on Oct. 23 at the Federal High Court in Abuja, clarifying that Gambaryan, a US citizen, was merely an employee of Binance and not responsible for the actions he was charged with. His legal team, led by Mark Mordi, supported the EFCC’s position, emphasizing that Gambaryan was not involved in Binance’s financial decisions. Justice Emeka Nwite approved the dismissal of the case, bringing an end to Gambaryan’s eight-month ordeal.
Gambaryan’s detainment began in February 2024 when he arrived in Nigeria with his colleague, Nadeem Anjarwalla, to meet government officials. The Nigerian authorities had accused Binance of contributing to the country’s local fiat currency foreign exchange volatility. While Anjarwalla escaped legal custody earlier this year, Gambaryan was detained despite efforts from Binance and pressure from the US government.
Recently, a group of 18 US attorneys general urged President Joe Biden and Secretary of State Antony Blinken to classify Gambaryan as a hostage being held to extort Binance. His prolonged detention sparked backlash within the crypto community, especially as his health deteriorated. Reports indicated that Gambaryan suffered from malaria, pneumonia, tonsillitis, and a herniated disc, leaving him confined to a wheelchair.
As of press time, Binance has not responded to requests for comment on the situation. This development comes shortly after a Nigerian court rejected Gambaryan’s second bail application, further complicating his legal battle. The crypto community continues to monitor the situation closely, hoping for a swift resolution for Gambaryan and his colleagues.