Nigeria’s anti-corruption agency has finally dropped its $35.4 million money laundering case against Tigran Gambaryan, a top Binance executive, citing his urgent need for medical treatment abroad. Gambaryan, who was in charge of financial crime compliance at Binance, had been detained in Nigeria since April. Binance still faces tax evasion charges as part of Nigeria’s broader crackdown on crypto firms.
Key Points:
- Tigran Gambaryan, Binance‘s financial crime compliance chief, was charged with laundering $35.4 million in Nigeria.
- Charges against Gambaryan were dropped to allow him medical treatment for a serious back condition.
- The Nigerian authorities accuse Binance of currency manipulation and blame the platform for contributing to the local currency’s decline.
- Binance still faces tax evasion charges in Nigeria, and the crackdown on crypto firms continues.
Short Narrative:
In a high-profile case, Nigeria’s anti-corruption agency withdrew money laundering charges against Tigran Gambaryan, a U.S. citizen and Binance‘s financial crime compliance executive. Gambaryan was arrested in February while on a business trip and had been detained in Abuja’s Kuje Correctional Centre since April.
The charges, tied to an alleged $35.4 million laundering scheme, were dropped due to his deteriorating health, allowing him to seek treatment abroad. The case comes amid Nigeria’s intensified efforts to clamp down on crypto firms like Binance, which the government blames for economic instability and currency speculation. Although Gambaryan’s charges were dropped, Binance continues to face legal challenges, including tax evasion claims.
Actionable Insight:
This case underscores the rising regulatory pressure on cryptocurrency firms, particularly in emerging markets like Nigeria. Firms operating in high-risk jurisdictions must proactively strengthen their compliance programs and engage with local authorities to avoid severe legal and reputational damage. The case also highlights the need for international firms to prepare for health and safety risks in countries with underdeveloped detention conditions.
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