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Charges Dropped, Binance Exec Tigran Gambaryan Finally Heads Home

Key Takeaways

  • After eight months in detention over money laundering allegations, Binance's Tigran Gambaryan left Nigeria as all charges were dropped;
  • During his time in prison, Gambaryan faced severe health issues;
  • Arrested over Binance's "suspicious funds," he denied the charges and was denied bail; now, after a long ordeal, he's headed home to focus on recovery.
Charges Dropped, Binance Exec Tigran Gambaryan Finally Heads Home

After enduring eight months in detention, Tigran Gambaryan, Binance's $24.71B  head of financial crime compliance, has left Nigeria.

This departure follows Nigerian authorities' decision to dismiss the remaining money laundering accusations that had kept him in custody since February. Nigerian officials had previously cleared him of tax-related allegations in June, leaving the money laundering charges as his last legal barrier.

Gambaryan's exit marks the end of a long period of health decline and judicial delays. According to a statement from his family, he departed Nigeria on October 23 and is ready to focus on his recovery.

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After being detained in February, Gambaryan reportedly contracted malaria and pneumonia and further aggravated a pre-existing herniated disc. A video from September showed him visibly struggling to walk.

His wife, Yuki, expressed relief, recounting the difficulties their family faced during his detention. She said:

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.

The legal issues began when Gambaryan and fellow Binance executive Nadeem Anjarwalla landed in Abuja on February 25 to discuss the crypto exchange's operations in Nigeria. Authorities, investigating Binance's handling of "suspicious funds" flowing through its local entity, arrested the pair the following day. Anjarwalla, however, managed to escape detention and returned to Kenya in March, with Nigeria attempting to bring him back for further questioning on tax-related charges.

Gambaryan was formally charged in April, where he entered a plea of not guilty but was subsequently denied bail, leading to his confinement in Kuje Prison in Abuja.

In May, Binance CEO Richard Teng hinted that Nigerian officials might have sought a secret crypto settlement to resolve the case, but Binance declined the offer, choosing instead to negotiate openly. Teng also commented:

The message from the Nigerian government is clear: we must detain an innocent, mid-level employee and a former US federal agent, and place him in a dangerous prison in order to control Binance.

After months of uncertainty, Gambaryan's departure marks the conclusion of a grueling chapter for both him and his family. As he returns home, the focus now shifts to recovery and moving forward.

In other news, Binance founder Changpeng Zhao was released in September after a four-month sentence related to insufficient anti-money laundering measures at the crypto exchange.

Gode S. , Web3 Market Analyst
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.

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