On October 23, Nigerian authorities officially dropped all charges against Tigran Gambaryan, a Binance executive who had been held in a Nigerian prison for over seven months. The Economic and Financial Crimes Commission (EFCC), Nigeria’s main anti-financial crimes agency, initiated the case, but recent statements reveal they no longer plan to pursue it.
Why Nigeria Dropped the Case
The EFCC’s legal representative announced that Gambaryan, a U.S. citizen, did not hold a critical or senior role within Binance. This detail reportedly influenced the decision, as the original investigation focused on Binance’s broader operations, not on Gambaryan personally.
Furthermore, sources indicate Gambaryan’s declining health played a part in the dismissal of charges. With extended time in detention impacting his well-being, his release allows him to pursue necessary medical care.
Background on the EFCC Investigation
The EFCC has targeted several cryptocurrency-related activities, focusing on allegations of regulatory non-compliance. However, Gambaryan’s limited position within Binance led officials to conclude that he was not central to their ongoing concerns with the company.
With charges dropped, Gambaryan can return to the U.S. to address his health. This outcome also brings a temporary reprieve for Binance, though it highlights the regulatory challenges facing major crypto firms in global markets.
