Binance Exec Tigran Gambaryan Released After 6 Months in Prison

Key Points:

• A Nigerian court ordered the release of Binance exec Tigran Gambaryan due to health concerns.
• While Gambaryan was cleared, Binance remains accused of money laundering and currency manipulation.

According to Reuters, a Nigerian court has cleared the release of Binance exec Tigran Gambaryan after the government dropped money laundering charges against him because of his deteriorating health.

Read more: Binance Exec Tigran Gambaryan Called for Rescue by US 

Nigerian Court Clears Release of Binance Exec Tigran Gambaryan Over Health Concerns

Binance exec Tigran Gambaryan, who is the company’s chief of financial crime compliance, had been detained in Nigeria since February but would now be allowed to go abroad for medical treatment, his release finally ending an eight-month detention at the Kuje correctional facility in Abuja.

This was just days after it had previously denied Gambaryan bail for the second time despite his failing health. Reports indicated that Gambaryan required a wheelchair, but a court once refused to accept the contention that the prison system was ill-equipped to handle his condition.

On Wednesday, Justice Emeka Nwite granted the government’s motion to dismiss the charges against him, considering that Gambaryan, an employee, did not bear the same level of responsibility in the matter as Binance claimed.

The government’s decision was supported by Gambaryan’s lawyers, who stated their client did not participate in the company’s big financial decisions. The ruling had come well ahead of a previously scheduled hearing set for October 25, with analysts seeing it as an effort to avoid media attention.

Alleged Secret Payment Demand by Nigerian Officials Denied

While Gambaryan is now discharged and acquitted, the case against Binance, the world’s largest cryptocurrency exchange, remains pending. The firm is still accused of money laundering and currency manipulation, which reportedly involved $35 million affecting Nigeria’s forex market. Gambaryan’s colleague was detained alongside him in February and managed to escape custody.

Binance has been defending Gambaryan on the grounds that his visit to Nigeria was unconnected to company decision-making. Its CEO, Richard Teng, even alleged that Nigerian officials had demanded an illegal payment in secret to settle the matter, a claim vehemently denied by Nigeria, which labelled it an attempt to divert attention from Binance’s alleged activities.