News

Binance Employee, in Custody for 8 Months in Nigeria, Will Be Released


Ismail Auwal and Emily Flitter

-Advertisement- Place Your Advert Here
Oct. 23, 2024 Updated 9:43 a.m. ET

Tigran Gambaryan, an American who has been imprisoned in Nigeria as part a criminal case against the giant cryptocurrency exchange Binance, will be released, Nigerian officials said on Wednesday, after prosecutors there dropped charges against him of money laundering.

Mr. Gambaryan is being released on humanitarian grounds after significant declines in his health, including having a bout of malaria and issues stemming from a herniated disk, said Dele Oyewale, a government spokesman.

“Tigran Gambaryan’s release is necessary for him to receive urgent medical care outside Nigeria, given his worsening health condition,” Mr. Oyewale said in an interview.


Mr. Gambaryan, a former U.S. law enforcement officer, was working for Binance, the world’s largest cryptocurrency exchange, when he was arrested in Nigeria in February and accused of money laundering and tax evasion as part of a sweeping investigation into the company. He was transferred to Nigeria’s notorious Kuje Prison from a government-owned guesthouse in April.

-Advertisement- Place Your Advert Here

In a court hearing on Wednesday, Nigerian prosecutors dropped the charges against Mr. Gambaryan, according to a court employee, Ahmad Danyaro.

ALSO READ -  EU to invest €18m in Nigeria for vaccine research

The hearing was held without any public notice, Mr. Danyaro said.

“Tigran Gambaryan was merely an employee of the cryptocurrency firm and had no involvement in the alleged offenses committed by the company,” R.U. Adaba, a lawyer for Nigeria’s Economic and Financial Crimes Commission, said in an interview after the hearing.

Mr. Gambaryan had traveled to Nigeria to meet with local officials about Binance’s business dealings in the country. Nigerian authorities said Binance had harmed the nation’s economy by allowing users to transfer funds out of the local currency, the naira, causing it to collapse.

-Advertisement- Place Your Advert Here

Nigeria is in the throes of its worst economic crisis in a generation, and government officials have blamed the turmoil on the rise of cryptocurrencies. The Nigerian government made its allegations against Binance shortly after the company agreed to a $4.3 billion settlement with a group of U.S. regulators that had accused it of facilitating money laundering.

In November, Binance’s founder, Changpeng Zhao, stepped down as chief executive and pleaded guilty to a money laundering violations. He was sentenced in April to four months in prison.

ALSO READ -  EFCC Arrests 18 Suspected Internet Fraudsters in Enugu

Ismail Auwal reported from Kaduna, Nigeria, and Emily Flitter from New York.

Culled from New York Times



Joshua Okoria

Joshua Okoria is a Lagos based multi-skilled journalist covering the maritime industry. His ICT and graphic design skills makes him a resourceful person in any modern newsroom. He read mass communication at the Olabisi Onabanjo University and has sharpened his knowledge in media practice from several other short courses. 07030562600, hubitokoria@gmail.com

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


Back to top button