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Charges Dropped Against Binance Exec Detained in Nigeria
A Nigerian court finally ordered the release of Binance's Tigran Gambaryan, dropping money laundering charges against him.
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A Nigerian court ordered the release of Binance executive Tigran Gambaryan after money laundering charges were dropped for medical reasons.
What's the scoop?
- Continued Case Against Binance: The EFCC said it would continue pursuing its case against Binance, which denies all charges related to allegedly laundering over $35M.
- Detention and Health Concerns: Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, had been detained in Nigeria since February. His release comes after concerns over his deteriorating health in prison.
Bankless Take:
Nigeria's decision to hold Gambaryan for eight months, despite serious health concerns, casts a damning shadow over its handling of this case. Last week, 18 U.S. attorneys generals called upon President Biden and Secretary of State Blinken to deem Gambaryan a hostage of Nigeria, which they accused of using his detention as leverage to extort Binance. While Gambaryan’s release is welcome, it is long overdue and should prompt serious consideration of how American companies conduct business in Nigeria going forward.