An American cryptocurrency executive, Tigran Gambaryan, who had been held in Nigeria for the past eight months, has been released after authorities announced the end of his money laundering trial on health and diplomatic grounds. Gambaryan, the head of financial crime compliance at Binance, was granted humanitarian parole and is returning to the United States for medical attention.
The release was confirmed by White House national security adviser Jake Sullivan, who expressed gratitude to Nigerian colleagues for their cooperation. Gambaryan was arrested in February during a business trip to Nigeria, along with Nadeem Anjarwalla, Binance's regional manager in Africa, who remains at large.
Nigerian authorities had accused Binance and Gambaryan of using the platform to launder up to $35 million and manipulate the local naira currency, allegations that both parties have denied. Nigeria, known as Africa's largest crypto economy in terms of trade volume, has seen many citizens turn to cryptocurrency to hedge against inflation and currency devaluation.
The government's decision to halt the trial was attributed to 'critical international and diplomatic reasons,' as stated by a prosecuting lawyer with Nigeria's Economic and Financial Crimes Commission. Despite the release, Binance still faces charges related to tax evasion and operating without the required license.
Gambaryan's trial was marred by controversy, including claims of illegal detention, passport seizure, and alleged demands for bribes by Nigerian officials. The government refuted the bribery allegations and defended the prosecution as being in accordance with the rule of law.
Gambaryan's health deteriorated during his time in detention, with the court denying him bail twice on grounds of being a flight risk. The case highlighted the complexities surrounding cryptocurrency regulation and enforcement in Nigeria, a country grappling with economic challenges and the rise of digital currencies.
