A senior executive of Binance, Tigran Gambaryan, has been freed from jail in Nigeria following eight months under interrogation on allegations of money laundering, among other serious crimes. Nigerian officials released the last accusations against him on October 23, therefore enabling him to leave the nation and return for medical treatment to the United States.
Expressing enormous joy after his release, Gambaryan’s family described the incident as a “living nightmare.” While the previous several months have been challenging, his wife Yuki said they can now concentrate on his recuperation. She also praised the U.S. authorities for working to get his release.
Gambaryan’s health has apparently declined since his imprisonment in February; he reportedly had several conditions, including pneumonia, malaria, and a ruptured disc. Videos showing him appearing weak on his way to court sparked indignation and highlighted the conditions of his incarceration.
The chronology of events started when Gambaryan and another Binance executive, Nadeem Anjarwalla, landed in Nigeria to go over company business. Shortly after, the authorities arrested them due to allegations of questionable financial practices related to the bitcoin exchange. Anjarwalla managed to exit the nation, while Gambaryan stayed behind locked cells.
Gambaryan, initially charged with tax evasion and later accused of laundering over $35 million, entered a not guilty plea in April, only to face denial of bail and imprisonment. Particularly after Binance declared it would cease operations with the Nigerian naira due to regulatory constraints, concerns emerged about potential corruption and coercive actions by Nigerian officials.
U.S. legislators raised further calls for action as word of Gambaryan’s worsening condition spread, which led the State Department to support his release. Nigerian officials dismissed the tax evasion accusations in June and chose to ignore the remaining claims of money laundering in October, citing diplomatic and humanitarian grounds.
The position of Gambaryan highlights the difficulties experienced by bitcoin businesses functioning in Nigeria, a nation where the digital coin sector has been fast expanding. Binance is still under legal investigation and claims of tax evasion, notwithstanding its publication. After a protracted struggle, Gambaryan’s return home represents a dramatic turn in a complex and divisive case and lets him and his family start the healing process.
