Gambaryan leaves Nigeria after 8 months in detention

Binance executive leaves Nigeria after being released on humanitarian parole

2024-10-24 by Ndaman Olayinka Binance read
Binance executive leaves Nigeria after being released on humanitarian parole

Binance executive Tigran Gambaryan has left Nigeria after eight months in detention.

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.…

— Richard Teng (@_RichardTeng) October 24, 2024

Binance's head of financial crime compliance, Gambaryan, was released on humanitarian parole and was returning to the United States for medical treatment, according to a statement issued Thursday by White House national security adviser Jake Sullivan.

Gambaryan departs Nigeria

A family spokesperson also said that Gambaryan departed Nigeria on October 23 following the dismissal of money laundering charges. After authorities dropped tax evasion charges against Gambaryan in June, the final legal complications he faced were money laundering charges from the Economic and Financial Crimes Commission (EFCC) in Nigeria.

Yuki, Gambaryan's wife, said in a statement that “it is a huge relief that this day has finally come. The past eight months have been a living nightmare. I wish it hadn’t taken this long for his release or that his health had not declined so much, but we can now focus on healing as a family. I want to express my deepest gratitude to the US government for their efforts in securing his release.”

According to reports from Nigeria and Gambaryan's family, the Binance executive's health had been steadily deteriorating since his arrest in February. They reported a herniated disc that might need surgery, along with cases of malaria and pneumonia.

Background of Gambaryan arrest

To discuss the activities of the cryptocurrency exchange, Binance executives Nadeem Anjarwalla and Gambaryan flew into Abuja, the capital of Nigeria, for a business trip on February 25. The next day, both executives were arrested by Nigerian authorities who were allegedly investigating "suspicious flows" through Binance's local branch.

Gambaryan and Binance, the largest cryptocurrency exchange in the world, have been accused by Nigerian authorities of manipulating the local naira currency and laundering up to $35 million through the platform. Both parties have denied these allegations. According to reports, Anjarwalla fled Nigeria in March after evading arrest and escaped to Kenya.

The Binance executives were also accused of tax evasion by Nigerian authorities. During a hearing in an Abuja courtroom on April 8, Gambaryan entered a not guilty plea to the money laundering charges. He was taken to Kuje Prison after being refused bail.

Richard Teng speculated on May 7 that Nigerian officials might have attempted to pressure detained Binance executives to pay a settlement to make the case go away. According to Binance, Nigerian authorities demanded bribes to free Gambaryan and Anjarwalla.

In June, former federal prosecutors and U.S. agents wrote to the State Department, asking for the release of the Binance executive, prompting some lawmakers to call on US President Joe Biden to step in. During their visit to the prison where Gambaryan was detained, representatives French Hill and Chrissy Houlahan said that the Binance executive had lost significant weight and was very sick.

Gambaryan's health worsened as his legal battle continued. He was denied bail twice by the Abuja court after a judge stated that he posed a flight risk and should remain in prison.

The tax evasion charges against Anjarwalla and Gambaryan were dropped by Nigeria's Federal Inland Revenue Service (FIRS) on June 14. The Gambaryan family's spokesperson called the dropped charges "bogus" and pointed to the fact that the tax charges were dropped by FIRS as evidence that both executives shouldn't have been charged initially.

In addition, the accusations of money laundering were dropped on October 23 by the Nigerian government after more than seven months in detention. At the Federal High Court in Abuja, a lawyer for the EFCC, Nigeria's government prosecutor, announced the charges were dropped, according to local news outlet Premium Times.

Binance still faces charges in Nigeria

According to several sources, Nigeria will proceed with its money laundering case against Binance even though Gambaryan's charges have been dropped. In addition, the exchange is still being investigated for allegedly evading taxes and conducting business without the necessary authorization.

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