Nigeria Drops Money Laundering Charges Against Binance Executive Amid Diplomatic Pressure

The Nigerian government has officially withdrawn all money laundering charges against Binance executive Tigran Gambaryan, who had been held in detention since April.

What Happened: The decision was revealed by a lawyer representing the Economic and Financial Crimes Commission (EFCC) during a Federal High Court hearing in Abuja on Wednesday, Bloomberg reported.

Gambaryan, detained in February alongside his colleague Nadeem Anjarwalla during a visit to Nigeria, remained in custody at Kuje Correctional Center even after Anjarwalla escaped.

The charges against both executives included allegations of money laundering and tax evasion.

However, they were cleared of the tax evasion charges in June, leaving the money laundering accusations to be addressed until this week's resolution.

The case drew significant diplomatic attention, with ongoing discussions between U.S. and Nigerian officials aimed at securing Gambaryan's release.

In June, U.S. lawmakers French Hill and Chrissy Houlahan visited Kuje Prison, where Gambaryan was being held.

Hill described his detention as "wrongful" and called Kuje a "horrible prison," highlighting concerns about Gambaryan's deteriorating health conditions while in custody.

The detainment of the Binance executives has had broader implications, including drawing criticism from Binance CEO Richard Teng.

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Teng condemned the Nigerian government's actions, suggesting that the detention set a worrying precedent for international business operations in the country.

Meanwhile, the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) also voiced concerns, urging for a balanced resolution to the legal disputes involving Binance to protect Nigeria’s blockchain ecosystem and international standing.

This legal saga unfolded against the backdrop of Nigeria's challenging economic environment.

In a bid to curb currency speculation, the Nigerian government had previously banned cryptocurrency channels, a move that coincided with the country's broader campaign against the devaluation of the naira.

The currency has lost 70% of its value against the U.S. dollar since last year’s foreign exchange reforms, adding complexity to the case and to Nigeria's financial landscape.

What’s Next: These developments will be a key focus of conversation at Benzinga’s Future of Digital Assets event on Nov. 19, where industry leaders will discuss regulatory challenges and the evolving global crypto landscape.

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