WASHINGTON — An American cryptocurrency executive who has been detained in Nigeria for the last eight months has been released after authorities declared the cessation of his money laundering trial for health and diplomatic reasons.
Tigran Gambaryan, who leads financial crime compliance at Binance, was granted humanitarian parole and is en route back to the United States for medical treatment, as stated by White House national security adviser Jake Sullivan in an announcement on Thursday regarding his release.
“I appreciate my Nigerian colleagues and partners for the fruitful discussions that led to this decision and anticipate continued collaboration on vital areas of partnership between our two nations,” Sullivan remarked.
Gambaryan was apprehended in February during a business trip to Nigeria, alongside Nadeem Anjarwalla, the company’s regional manager for Africa, who escaped custody and is currently unaccounted for.
The Nigerian authorities had accused both Binance, the leading cryptocurrency exchange globally, and Gambaryan of laundering as much as $35 million and manipulating the local naira currency, allegations that they refute.
In terms of trade volume, Nigeria holds the title of Africa’s largest crypto economy, with numerous citizens utilizing cryptocurrency to protect their finances against escalating inflation and the depreciating local currency.
However, as the crypto user base increased and the government struggled to stabilize the currency, officials claimed without public evidence that the platform was being exploited for money laundering and funding terrorism, leading to a prohibition on all trading with the local currency on Binance’s platform.
On Wednesday, R.U. Adaba, a prosecuting lawyer from Nigeria’s Economic and Financial Crimes Commission, informed the Federal High Court in Abuja that the government was terminating the case after “considering critical international and diplomatic factors.”
Despite this development, Binance still faces allegations related to tax evasion and operating without the necessary license.
Gambaryan’s legal proceedings have been fraught with controversy, including claims of illegal detention and passport confiscation. Binance also alleged that Nigerian officials solicited bribes for the release of him and Anjarwalla.
The Nigerian government has denied these bribery claims and asserted that the prosecution adhered to the rule of law.
As time passed, Gambaryan’s health worsened during the prolonged court case. The court in Abuja rejected his bail applications twice after determining he posed a flight risk and should remain in Kuje prison in the capital.
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Asadu reported from Abuja, Nigeria.
