Binance executive Tigran Gambaryan has been set free by the Nigerian government after all charges were dropped against him. The government acknowledged that Gambaryan was simply an employee of Binance and not responsible for the actions he was accused of.
Gambaryan, a US citizen, had been detained since February but was officially released on October 23 after the Nigerian Economic and Financial Crimes Commission (EFCC) announced the withdrawal of the case at the Federal High Court in Abuja. His legal team, led by Mark Mordi, supported the government’s decision and clarified that Gambaryan was not involved in Binance’s financial decisions.
Justice Emeka Nwite approved the dismissal of the case, bringing an end to Gambaryan’s eight-month ordeal. This development came shortly after his second bail application was rejected by the Nigerian court.
Gambaryan was arrested in February 2024 when he arrived in Nigeria with his colleague, Nadeem Anjarwalla, to meet with government officials. While Anjarwalla managed to escape legal custody, Gambaryan was detained despite efforts from Binance and pressure from the US government. His prolonged detention sparked outrage within the crypto community, especially as his health deteriorated due to various medical conditions.
The US government, including a group of 18 attorneys general, called on President Joe Biden and Secretary of State Antony Blinken to intervene and classify Gambaryan as a hostage being used to extort Binance. Despite his release, Binance has not yet issued a statement regarding the matter.
The case against Gambaryan highlighted the complexities and challenges faced by individuals working in the cryptocurrency industry, especially when operating in different countries with varying regulations and legal systems. The incident also raised questions about the responsibility of companies like Binance in ensuring the safety and well-being of their employees when conducting business internationally.
As Gambaryan begins to recover from his ordeal, the focus now shifts to improving the regulatory framework surrounding cryptocurrency exchanges and the protection of individuals involved in the industry. The case serves as a reminder of the importance of clear communication, transparency, and legal compliance in the fast-evolving world of digital assets.
