Binance executive Tigran Gambaryan has been released from prison in Nigeria after spending seven months behind bars. The charges of money laundering against him have reportedly been dropped by the Nigerian government, with Binance now being the sole defendant in the ongoing lawsuit.
The decision to drop the charges against Gambaryan came just two days before his trial on October 25th. Judge Emeka Nwite ordered his release following a request from the prosecution earlier in the day. Attorney R.U. Adaba, a member of the prosecuting agency, stated that the government reviewed the case and decided to discontinue the charges against Gambaryan. This decision was influenced by the fact that Gambaryan is an employee of Binance Holdings Limited, with his status in the matter carrying more weight. Additionally, international and diplomatic considerations played a role in the government’s decision.
Gambaryan’s deteriorating health was also a significant factor in his release. Adaba mentioned that Gambaryan was in a wheelchair and required surgery, prompting the state to take his health condition into account. Despite previous rulings stating that poor health does not automatically warrant release from custody, Gambaryan’s situation was deemed exceptional.
Gambaryan, a former agent of the US Internal Revenue Service (IRS), had traveled to Nigeria with a colleague for regulatory discussions. However, he was arrested and charged with money laundering and operating an unlicensed financial institution. His colleague managed to escape the country, leaving Gambaryan to face the legal repercussions alone.
The release of Gambaryan marks a significant development in the case, shifting the focus onto Binance as the primary defendant. The situation highlights the complexities of international legal proceedings and the importance of diplomatic considerations in such matters.
As the story continues to unfold, it will be interesting to see how Binance navigates the legal challenges ahead. Stay tuned for more updates on this evolving situation.