The Nigerian Federal government has withdrawn a money laundering case against Binance executive, Tigran Gambaryan, various reports indicate.
The decision is based on health grounds to allow Tigran to seek medical treatment abroad, the government’s lawyer said.
In a statement shared with BitKE, Binance CEO, Richard Teng, said:
“We are deeply relieved and grateful that Tigran Gambaryan has finally been released after enduring nearly eight months of detention in Nigeria. Throughout this difficult period, Tigran has shown immense strength, and we commend his resilience in the face of such severe adversity. We are deeply thankful to everyone who dedicated countless hours to support Tigran’s release.
Binance remains committed to collaborating with global regulators to ensure compliance and transparency in the evolving digital asset space. We are eager to put this episode behind us and continue working toward a brighter future for the blockchain industry around the world.Â
With a young, tech-savvy population and a strong interest in digital finance, Nigeria is well-positioned to leverage blockchain technology to address economic and social challenges. We look forward to playing a constructive role in that effort.”Â
Tigran, a U.S. citizen and Binance’s Head of Financial Crime Compliance, has been held in detention in Nigeria since late February 2024. He faces charges of laundering over $35 million, which both Gambaryan and Binance have denied.
🇳🇬REGULATION | #Binance Had an Untaxed Turnover of $20 Billion in Nigeria in 2023 Alone, Far Above the Federal Budget for Health and Education, Says Minister of Information
The Minister noted that Binance’s turnover was not taxed by the government and exceeded Nigeria’s budget… pic.twitter.com/5pqCu4WEb9
— BitKE (@BitcoinKE) June 10, 2024
The government’s lawyer stated that the money laundering case against Binance would proceed without Gambaryan. Meanwhile, separate tax evasion charges against Binance, the world’s largest cryptocurrency exchange, are still pending.
Binance has also denied those allegations.
In a statement shared with BitKE in August 2024, Binance CEO, Richard Teng, highlighted the severe deterioration in Tigran’s physical and mental health, exacerbated by inadequate medical care and lack of access to essential services.
Nigeria 🇳🇬 Has Never Been a Big Market for Binance,’ Says CEO, Richard Teng
Binance CEO has refuted Nigerian Government claims regarding its operations and alleged impact on the country’s economy.
See details below:#Binance #Crypto#NigeriaNewshttps://t.co/qVRhtgeyhN
— Salaxzy (@Salaxzy) August 30, 2024
According to Teng, Tigran was suffering from a herniated disc and was in significant pain and unable to walk. Despite the severity of his condition, the Nigerian government had reportedly denied him necessary medical treatment and access to a wheelchair.
He also criticized the Nigerian authorities for their failure to comply with a court order to release Tigran’s medical records and for denying him access to a representative from the U.S. consulate.
Tigran and colleague, Nadeem Anjarwalla, had already had tax evasion charges against them withdrawn by Nigeria’s Federal Inland Revenue Service (FIRS).
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