Nigeria Drops Money Laundering Charges Against Binance Executive for Medical Reasons

The Nigerian Economic and Financial Crimes Commission (EFCC) has dropped money laundering charges against Binance's Tigran Gambaryan, permitting him to pursue medical care outside the country. Gambaryan, a U.S. citizen and ex-financial crime compliance head at Binance, was arrested in February amid allegations of laundering $35.4 million alongside his company, which denied all charges. The move reflects larger concerns about Binance's activities within Nigeria, especially regarding economic stability and alleged currency manipulation.

Gambaryan's legal troubles began during a business trip to Nigeria, where he was taken into custody along with Binance’s Africa regional manager. His family has raised alarm over his worsening health due to prison conditions. As his trial faced adjournments due to illness, the EFCC revealed their decision to withdraw charges, though tax evasion related to Binance will continue to be prosecuted. The case against Gambaryan mirrors a wider crackdown on cryptocurrency firms, which the Nigerian government suspects of being involved in illicit financial activities. The situation brings to light ongoing tensions between the rapidly evolving cryptocurrency markets and regulatory frameworks in Nigeria and beyond, impacting both local and international stakeholders.