Nigeria Drops Money Laundering Charges Against Binance Executive

Nigeria's Economic and Financial Crimes Commission (EFCC) announced the withdrawal of money laundering charges against Tigran Gambaryan, a top executive from the cryptocurrency exchange Binance, allowing him to seek medical treatment abroad. Gambaryan, a U.S. citizen, had been detained since February during a business visit to Nigeria and charged with laundering $35.4 million alongside Binance, which denies the allegations.

The decision follows growing health concerns over Gambaryan's condition, with his family citing inadequate medical care at Kuje Correctional Centre in Abuja, where he had been held. His wife, Yuki, highlighted that a worsening herniated disc in his back could lead to permanent disability if not treated. Despite two bail rejections by the High Court, the EFCC agreed to drop the charges, facilitating his overseas medical care.

However, Nigeria's scrutiny of Binance remains, with ongoing tax evasion charges pursued by the Federal Inland Revenue Service. Additionally, the company faces legal challenges in the United States, where its founder, Changpeng Zhao, resigned last year and later received a prison sentence for enabling illicit financial activities on the platform.