Nigeria drops money-laundering case against Binance executive

Gambaryan, a US citizen, was detained during a business visit to Nigeria in February and later charged, along with Binance, in connection with the alleged laundering of USD 35.4 million. Both Gambaryan and Binance have denied these accusations. 

Gambaryan, who oversees financial crime compliance at Binance, the world’s largest cryptocurrency exchange, was implicated by Nigerian authorities, who allege that the platform’s activities, including currency exchange rate manipulation and speculation, have contributed to recent economic challenges in Nigeria. The EFCC has accused Binance of currency manipulation and tax evasion, claiming that the platform's actions have influenced the depreciation of Nigeria's currency, the naira.

Reasons for dropping the lawsuit

Concerns over Gambaryan’s health were highlighted by his family, who reported that his ongoing detention at the Kuje Correctional Centre in Abuja had worsened an existing back issue. In August, his wife mentioned a herniated disk, which could cause permanent damage and impact his mobility. Despite these health concerns, the High Court denied him bail, citing flight risk due to the recent escape of another Binance executive. 

Binance’s Africa regional manager was also detained with Gambaryan in February. He reportedly fled Nigeria shortly after being placed under house arrest, and authorities are continuing efforts to locate him. Gambaryan could not attend his court hearing last Friday due to illness, leading the EFCC to announce the case withdrawal on Wednesday. Afterwards, EFCC officials revealed that the charges were dropped to allow Gambaryan to seek medical treatment abroad. 

While the charges against Gambaryan have been dropped, the tax evasion case against Binance, filed by Nigeria’s Federal Inland Revenue Service, remains active. Binance has also faced legal action in the United States, where its founder Changpeng Zhao stepped down last year and later received a four-month prison sentence over allegations related to money laundering activities facilitated on the platform.