AFRICA: Nigerian court orders release of Binance executive after charges dropped

A Nigerian court on Wednesday ordered the release of Binance executive Tigran Gambaryan after the government dropped money laundering charges against him to allow him to get medical treatment abroad.

Nigeria’s Economic and Financial Crimes Commission (EFCC) withdrew the case against Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, in open court in the capital city, Abuja, a lawyer for the EFCC said on Wednesday.

AFRICA: Nigerian court orders release of Binance executive after charges dropped

AFRICA: Nigerian court orders release of Binance executive after charges dropped

The EFCC said it would continue the money laundering case against Binance without Gambaryan.

Gambaryan has been in detention in Nigeria since late February and held at Kuje prison. He was charged alongside Binance with laundering more than $35 million. Gambaryan and Binance deny the charges.

Separate tax evasion charges against Binance, the world’s largest crypto exchange, remain in place. Binance has also denied those charges.

“We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country,” said EFCC lawyer Ekele Ihenacho.

Ihenacho added diplomatic arrangements had also helped in securing Gambaryan’s release, without elaborating.

In August, Gambaryan’s wife, Yuki, said her husband’s health had deteriorated in prison to the point where “it might leave permanent damage and affect his ability to walk”. She asked for him to be freed and vowed to fight for his release.

AFRICA: Nigerian court orders release of Binance executive after charges dropped

Last week, the court adjourned Gambaryan’s trial to Friday because he could not appear in court due to illness. Lawyers said the case was brought forward to Wednesday to set him free and allow him get medical treatment outside Nigeria.

11 October 2024

US: FBI created a cryptocurrency so it could watch it being abused

The FBI created its own cryptocurrency so it could watch suspected fraudsters use it – an idea that worked so well it produced arrests in three countries. News of the Feds’ currency, an Ethereum-based

Read More
11 October 2024

EU: EU uses VAT to push green policies

New energies are being devoted to the use of VAT as a tool to promote environmental sustainability and support its ambitious green policy agenda. The European Commission’s VAT Expert Group (VEG) is

Read More
20 April 2024

MAURITIUS: India-Mauritius DTAA Amendment Closes Tax Avoidance Loophole

India and Mauritius have signed the protocol amending their Double Taxation Avoidance Agreement (DTAA), which now incorporates the Principal Purpose Test (PPT). This provision serves as a criterion

Read More
19 June 2024

HONG KONG: Hong Kong To Debut Special Crypto License Amid Low Tax Rate Advantage

Hong Kong is gearing up to roll out a special licensing system for cryptocurrency-to-fiat exchanges. This move aims to make the city an attractive destination for virtual asset investments thanks to

Read More