Nigeria drops all charges against Binance executive
The Nigerian government has dropped all charges against Tigran Gambaryan, a Binance executive who is imprisoned in the country. Gambaryan was arrested in the African country in February after the Nigerian government launched a dispute against the exchange.
Since his arrest, Nigerian authorities have denied Gambaryan bail despite requests from his lawyers citing his deteriorating health conditions. Last month, the United States began diplomatic pressure demanding the executive's release.
However, this latest development has caught the attention of market participants, with many praising the decision. But the government has not yet decided when Gambaryan will be released.
Nigeria drops charges against Binance executive
The Nigerian government's decision to drop the charges against Tigran Gambaryan triggered widespread discussions in the international market, not to mention the cryptocurrency sector.
In February, the Binance Holdings executive was detained in Nigeria over money laundering allegations linked to $34.4 million. For months, Gambaryan suffered from health problems that involved malaria and complications from a herniated disc.
The trial attracted international attention, especially as Gambaryan's health deteriorated while he remained in custody. He even suffered a breakdown in court during his trial, leading the judge to interrupt the session while the executive was taken to the hospital.
Despite pleas from his lawyers citing his declining health, the Nigerian court repeatedly denied his bail, citing potential flight risk. A co-worker of Gambaryan's, Nadeem Anjarwalla, managed to flee Nigeria to Kenya before his trial, but authorities there extradited him back.
However, the case took a sharp turn when the Nigerian government suddenly dropped all charges against Gambaryan in a discreet court session.
According to a statement made during the hearing, Gambaryan was merely an employee of Binance and had no responsibility for the company's overall financial decisions.
Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Mr. Gambaryan, agreed with the decision and reinforced that his client was not involved in the company's decisions.
According to the charges, Binance allegedly committed crimes of money laundering and manipulation of the Nigerian currency, the naira. The exchange denies all accusations.