Nigeria Withdraws Charges Against Binance Executive Amid Health Concerns

By Author: Icons Edge
Total Articles: 2
Comment this article

Nigeria's anti-corruption agency has decided to withdraw money-laundering charges against a senior executive from Binance, enabling him to seek medical care abroad. Tigran Gambaryan, a U.S. citizen, had been detained during a business trip to Nigeria in February and faced accusations, alongside Binance, of laundering $35.4 million—a claim they both refuted.

Gambaryan, who managed financial crime compliance for Binance, was implicated in a case that linked the platform to the instability of Nigeria's currency. Authorities alleged that Binance’s activities, including exchange rate manipulation and currency speculation, contributed to economic challenges.

The charges were part of a broader crackdown by Nigerian officials on cryptocurrency firms, amid concerns that digital platforms were facilitating illegal activities such as money laundering and terrorism financing. Additionally, tax evasion allegations against Binance remain active as authorities continue their legal pursuit.

Gambaryan’s family had expressed concerns about his health, citing deteriorating conditions while he was detained at Kuje Correctional ...
... Centre, which aggravated a pre-existing back injury. Despite two previous requests for bail being denied due to perceived flight risks, authorities have now opted to drop the charges against him, following concerns over his health.

The case was complicated by the earlier escape of Nadeem Anjarwalla, Binance’s Africa regional manager, who fled the country after being detained with Gambaryan. Anjarwalla remains at large and is wanted by Nigerian authorities.

The decision to dismiss the charges against Gambaryan was confirmed by the Economic and Financial Crimes Commission (EFCC) in a recent court session. The tax evasion case against Binance, however, is still proceeding. Meanwhile, the platform has faced legal troubles in the U.S. as well, with its founder Changpeng Zhao stepping down last November and subsequently serving a brief prison sentence over money-laundering violations.

Read More: https://www.iconsedge.com/news/nigeria-withdraws-charges-against-binance-executive-amid-health-concerns-nid-80.html

#globaltechnologyindustry #IconsEdgeMagazine #NigeriaWithdraws #globalbusinessmagazine #BestEntrepreneursconference