Officially, the Nigerian government has withdrawn all accusations against Binance executive Tigran Gambaryan, who had spent more than seven months under custody. The Economic and Financial Crimes Commission (EFCC) declared the dismissal of the charges against Gambaryan during a hearing at the Federal High Court in Abuja on October 23. Although his personal involvement in the matter ends with this development, the larger inquiry into Binance’s activities in Nigeria goes on.
Originally arrested under a more general inquiry into the operations of the bitcoin exchange in Nigeria, Gambaryan is a U.S. citizen employed by Binance. Despite the EFCC’s primary focus on Binance, Gambaryan’s involvement with the business caught their attention. The EFCC stated nonetheless that Gambaryan’s position was not crucial to the accusations being pursued against Binance, which finally resulted in the case’s dismissal.
Health issues significantly influenced the government’s decision to reduce the rates. According to reports, Gambaryan’s state had gotten worse when he was housed at Kuje jail in Abuja. His legal team claimed often that his health was failing and that Nigeria’s healthcare system lacked the tools to meet his medical demands. These assertions let the court release him so he could travel for treatment elsewhere. Although Gambaryan had already been denied bail twice, the court finally recognized the seriousness of his illness and let the charges be withdrawn on medical grounds.
The lawsuit against Binance itself is still pending even after Gambaryan’s release. Nigerian officials are still looking at the business, concentrating especially on claims of tax evasion and money laundering. Binance has refuted the allegations, which yet remain unsolved, including claims of not registering with Nigeria’s Federal Inland Revenue Service. Despite the ongoing legal matter, the bitcoin exchange withdrew from the Nigerian market in March. November is set aside for more hearings as the inquiry into Binance’s operations carries on.
This lawsuit is a part of a larger endeavor by the Nigerian government to control the fast-expanding cryptocurrency market. Authorities have voiced concerns about the use of internet channels for illegal operations like tax evasion and money laundering. Key participant in the worldwide bitcoin market, Binance has come under further scrutiny not just in Nigeria but also in numerous other nations.
Tigran Gambaryan is no longer facing accusations, but Binance’s legal battles in Nigeria are far from over. As Nigeria keeps suppressing illegal activities in the digital finance industry, the result of this case might have major ramifications for the direction of cryptocurrency control in the nation.
