Binance Executive Released After Spending Six Months In Nigerian Custody

Six months after arresting Binance’s executive Tigran Gambaryan and holding him in custody, the Nigerian government finally released him and dropped all money laundering charges.

Binance Executive Was Released Due To Declining Health

The decision to release the exchange’s official was revealed two days before a previously scheduled hearing. This finally revealed the results of months of diplomatic interventions. However, while Gambaryan is allowed to go, the case against the exchange itself continues.

Binance is facing allegations of laundering millions of dollars, and on top of that, of disrupting the country’s foreign exchange market. This is also why Gambaryan, as a US citizen, was held in prison since April of this year, awaiting trial for his own alleged involvement in the suspected laundering of $34.4 million.

The case ended early with the charges being withdrawn during a hearing at the Federal High Court in Abuja. Interestingly, Gambaryan’s release came after a formal request by the prosecution, which cited diplomatic concerns and his serious health issues. According to reports, his health worsened to the point where he requested a wheelchair.

Additionally, the defense sought bail on health grounds twice, but the court denied such requests after deciding that the prison system could adequately manage his condition.

After the prosecution’s intervention, the judge agreed and quickly ordered his release, agreeing that Gambaryan’s role as an employee should not carry the same level of responsibility as Binance itself. However, even with his release, the judge did not grant him full acquittal. In other words, the court kept the possibility of further legal action if new evidence came to light proving his involvement.

The US Was Pressing Nigeria To Release Binance’s Official

A lawyer who represents the country’s Economic and Financial Crimes Commission (EFCC) said that the US and Nigerian governments have been in diplomatic talks for months, negotiating how to handle the situation behind the scenes. The US lawmakers were pressing the country to release Gambaryan, especially after he was denied bail twice.

The lawyer also stressed that Gambaryan’s health has been declining rapidly during his incarceration, turning the matter into a time-sensitive issue. After he lost the ability to walk without assistance and as the need for surgery emerged, these became critical factors that convinced the prosecution to react as well.

However, despite the dropped charges, the EFCC opposed full acquittal. It stressed that Gambaryan’s case should remain active and that it had not been heard on its merits. Meanwhile, Binance continues to face major legal challenges in Nigeria, as it is still the primary defendant in the case involving $34.4 million of laundered money. According to the allegations, the money was laundered through illegal currency speculation, which harmed Nigeria’s foreign exchange reserves and market stability.