Binance Exec Released After Nigerian Government Drops Money Laundering Charges

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As a researcher with years of experience delving into complex financial crimes and international legal proceedings, I find myself intrigued by this latest development in the saga of Tigran Gambaryan, a U.S. citizen and executive at Binance Holdings Ltd.

Based on reports from Bloomberg and Reuters, the Nigerian government has withdrawn money laundering accusations against Tigran Gambaryan, a high-ranking official at Binance Holdings Ltd. Gambaryan, who holds the position of head of financial crime compliance at Binance, was freed to seek medical care overseas following the dismissal of charges due to his deteriorating health condition.

American citizen Gambaryan has been under fire, with charges of laundering over $35 million involving Binance, accusations that he and the company have continually refuted. His legal team sought a not-guilty verdict, but the court declined this request, although it did permit the case against Gambaryan to be dismissed due to health concerns. Since April, he has been imprisoned at Kuje correctional center in Abuja. A recent back issue has significantly hindered his mobility, and previous bail requests made in October were turned down by the court.

Despite the dismissal of charges against Gambaryan, the Economic and Financial Crimes Commission (EFCC) in Nigeria plans to press ahead with its money laundering case against Binance, independently of Gambaryan’s involvement. Meanwhile, separate allegations of tax evasion against Binance persist, which the company has refuted.

It seems that diplomatic negotiations played a role in securing the release of Yuki Gambaryan, as stated by the EFCC’s legal representative. However, they did not reveal additional information regarding the details of this arrangement. Previously, his wife had voiced worries about his declining health while in prison, fearing it could lead to permanent harm and potentially affect his mobility. She had been outspoken about her wish for him to be released so he could receive necessary medical care.

Option: Binance openly advocated for Gambaryan’s release, stressing that his role was not about making decisions. The matter became more complex earlier this year when Binance CEO Richard Teng claimed that they were asked for a confidential payment to resolve their issues during their time in Abuja in January. Nigerian authorities refuted the claim, labeling it as an attempt to divert attention from Binance’s own operations.

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2024-10-23 19:01