Nigerian Court Approves Release of Binance Executive Detained Since February
Nigerian Court Orders Release of Binance Executive After Eight-Month Detention, Cites Health Concerns as Key Factor in Release Decision
A Nigerian court has officially dropped charges and ordered the release of detained Binance executive, Tigran Gambaryan, after eight months of being in custody, Bloomberg reports.
Gambaryan, the former IRS agent, who served as the head of financial crime compliance at Binance, had been facing charges related to money laundering and currency manipulation. The court however agreed to discontinue the case following his deteriorating health.
Court Decision and Gambaryan’s Release
On October 23, 2024, just two days before Gambaryan’s next court appearance, Nigerian authorities dropped the charges against him on account of his ill health. The hearing came two days before the 25 October earlier scheduled as the return date by the trial judge in the open court last Friday
At the hearing before Justice Emeka Nwite, the EFCC lawyer clarified that Gambaryan’s poor health was the key reason for discontinuing the case and not a lack of evidence.
The trial judge ruled in favor of the EFCC, finding that Gambaryan, as a Binance employee, was not responsible for the company’s overall financial decisions. The judge then ordered his immediate release from Kuje prison in Abuja.
Nevertheless, the court stopped short of fully granting Gambaryan full acquittal, maintaining that the case was still active. The case was adjourned until 22 and 25 November to continue the trial of Binance.
Gambaryan’s Detention and Declining Health
Nigerian authorities detained Tigran Gambaryan and a colleague in February when they arrived in the country for negotiations concerning the ban on Binance and several other crypto trading platforms. The colleague later escaped custody.
Gambaryan has since remained in Abuja’s Kuje correctional center where his health significantly worsened over his eight-month stay in prison. He struggled with malaria, a chest infection, and a herniated disc, which made walking difficult and required specialized surgery.
However, despite repeated pleas for bail on medical grounds, Nigerian authorities rejected Gambaryan’s appeal earlier this October.
