Tigran Gambaryan, Binance CEO, has been detained since February He was officially acquitted of all charges By the Nigerian government.
The Economic and Financial Crimes Commission (EFCC) requested the withdrawal of the case from the Federal High Court in Abuja during the court sitting on October 23, 2024.
This announcement came during the session. Gambarian, Binance’s head of financial crimes compliance and a US citizen, was previously accused of money laundering and currency manipulation. However, these charges have been dismissed.
BREAKING: Nigerian government drops all money laundering charges against Binance CEO Gambaryan | Desert Correspondents https://t.co/K1fNs5KVmo pic.twitter.com/5oJ0YfImpP
– Sahara Reporters (@SaharaReporters) October 23, 2024
Gambarian: A long ordeal
Gambarian’s legal difficulties Upon his arrival in Nigeria, he began to meet with local officials. He and his colleague Nadeem Angarwala were under investigation for allegedly contributing to the fluctuations of the naira, the Nigerian currency. Gambaryan endured harsh conditions for eight months, while Angarwala managed to evade lawful detention earlier this year.
Ultimately, calls for his release on diplomatic and humanitarian grounds came due to reports that he was suffering from a variety of health problems, such as malaria and complications from a herniated disc.
Mark Murdy, Gambarian’s legal counsel, granted the EFCC’s application, and Judge Emeka Nwaite dismissed the charges.
As of today, the market cap of cryptocurrencies stood at $2.24 trillion. Chart: TradingView.com
Mordi emphasized that Gambarian was only an employee of Binance and was not involved in the company’s overall financial decisions.
Gambaryan’s release is a major milestone for him and Binance, which has come under intense scrutiny by regulators around the world in the wake of the court ruling.
Issued regarding health concerns
Concerns about Gambarian Deteriorating health It significantly influenced the decision to stay the proceedings. Dele Oyewale, a Nigerian government spokesman, claimed that Gambarian’s illness was worsening to the point that urgent medical care was needed outside Nigeria.
this The humanitarian factor Help the judge dismiss the case. Many are wondering what Gambarian’s departure from Nigeria will mean for Binance and its African activities.
Implications for Binance and cryptocurrency regulation
The case has highlighted ongoing tensions between regulatory bodies in several countries and cryptocurrency exchanges like Binance. The Nigerian government said Binance allowed users to send money in naira, which made the economy less stable and made it easier for people to hide money.
The allegations came shortly after Binance reached a $4.3 billion settlement with US regulators over similar accusations.
This incident raises concerns about the regulation of cryptocurrency platforms in the future, as Nigeria is currently experiencing the most severe economic crisis in decades.
The cryptocurrency community expressed relief at Gambarian’s release, but remains concerned about the potential ramifications for exchanges that operate in difficult regulatory environments.
Featured image by Darren Joseph/DL News, chart from TradingView