Nigeria Drops All Charges Against Binance Exec Tigran Gambaryan

The Nigeria Government has dropped all charges against Binance executive Tigran Gambaryan after controversies peaked over the case. The Nigerian authority has denied bail to Gambaryan despite requests from his lawyers citing his deteriorating health conditions. However, this latest development has caught the eyes of the market participants, with many lauding the decision.

Nigeria Drops Charges Against Binance Exec Tigran Gambaryan

The detention of Tigran Gambaryan by the Nigerian government has sparked widespread discussions in the international market, let alone the crypto sector. Notably, the executive at Binance Holdings was detained in Nigeria on allegations of money laundering linked to $34.4 million.

The trial had drawn international attention, especially as Gambaryan’s health deteriorated while he remained in custody. Despite pleas from his lawyers citing his declining health, the Nigerian court repeatedly denied his bail, viewing him as a potential flight risk.

However, the case took a sharp turn when the Nigerian government suddenly dropped all charges against Gambaryan in a discreet court session. According to a statement made during the hearing, Gambaryan was merely an employee of Binance and not responsible for the company’s overall financial decisions, Premium Times reported.

Meanwhile, his defense team agreed, emphasizing that he had no direct involvement in the broader corporate activities for which he was being tried. Notably, the withdrawal of the charges appears to be the result of behind-the-scenes diplomatic efforts between Nigeria and US officials.

The US lawmakers had also been campaigning for his release, putting pressure on both governments to resolve the situation.

A Closer Look Into Gambaryan’s Nigeria Detention

The health condition of Tigran Gambaryan was one of the key focus throughout the trial. His legal team submitted multiple bail requests citing his deteriorating health condition. However, Judge Emeka Nwite dismissed the requests saying the Nigerian Correctional Service has sufficient medical resources to treat him.

But, in the recent ruling, the judge noted that Gambaryan’s attempt to file another bail motion while his previous appeal was still pending amounted to an abuse of court process. Besides, Gambaryan’s absence at the October 18 hearing had set a new trial date for October 25.

However, today’s hearing marked the end of the case, as the Nigerian government officially withdrew the charges. This sudden conclusion of the case has raised speculation about the influence of diplomatic negotiations between the US and Nigerian governments.

Gambaryan, who had been held at Kuje Correctional Centre since April, will now be released. Despite that, it’s worth noting that Binance will remain under scrutiny for separate tax evasion allegations in another ongoing case.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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