Binance’s Gambaryan released after 8 months in Nigerian prison

Binance’s head of financial crime compliance has left Nigeria after spending nearly eight months in the infamous Kuje prison under charges of money laundering.

On October 23, the Niegrian government dropped all charged against Tigran Gambaryan, after months of calls from United States lawmakers and crypto industry participants.

According to local media reports, the Federal High Court in Abuja withdrew chagres against the Binance exec as he wasn’t serving a key role at the firm.

The charges were dropped two days before a scheduled hearing on October 25, reportedly to avoid drawing public attention.

In a statement to Invezz, Binance CEO Richard Teng welcomed the news of Gambaryan’s release stating:

We are deeply relieved and grateful that Tigran Gambaryan has finally been released after enduring nearly eight months of detention in Nigeria. Throughout this difficult period, Tigran has shown immense strength, and we commend his resilience in the face of such severe adversity. We are deeply thankful to everyone who dedicated countless hours to support Tigran’s release.

Regarding Binance’s future in Nigeria, Teng added that the company “remains committed to collaborating with global regulators” and is “eager to put this episode behind us and continue working toward a brighter future for the blockchain industry around the world.”

Gambrayan released on health ground? 

While Nigeria’s government prosecutor, the Economic and Financial Crimes Commission, claims the charges were dropped due to Gambaryan’s limited involvement in Binance’s day-to-day activities, which were the focus of the prosecution, some reports suggest that the executive’s deteriorating health may have contributed to his release.

Reportedly, Gambaryan was detained in inhumane conditions, which resulted in several health complications, including malaria and issues related to a herniated disc that required surgery. His condition worsened due to the lack of adequate medical care, as reported multiple times.

As previously reported by Invezz, a video surfaced in early September showing Gambaryan appearing for trial, unable to walk after being denied a wheelchair. The footage even showed a guard refusing to assist him, leaving Gambaryan to rely on a single crutch.

A distressed Gambaryan could be heard saying, “He was told not to help me. He said there’s instruction… Why couldn’t I use a goddamn wheelchair? This is a show.”

Calls for Gambaryan’s release

At the time the video surfaced, Teng criticised how Gambarayan was being treated and called the situation “inhumane” and demned his immediate release so he can pursue proper medical treatment in the US.

Prior to that, the exec’s ongoing detetion had already drawn internation attention with calls from US lawmakers asking the intervention of president Joe Biden.

In June, legislators Chrissy Houlahan and French Hill visited Gambrayan in prison and called for his immedeate release, claiming he had lost weight and was suffering from malaria and double pneumonia.

Subsequently in September, reports emerged that Members of the US government had reportedly held private conversations with Nigeria’s president, finance minister, attorney general and trade minister, advocating for Gambaryan’s release.

Nigeria’s case against Binance

Binance’s troubles in Nigeria began in September 2023, after Nigeria’s Securities and Exchange Commission issued a disclaimer stating that Binance Nigeria Limited was “neither registered nor regulated by the Commission,” rendering its operations in Nigeria illegal.

In February 2024, the Central Bank of Nigeria expressed concerns over untraceable funds flowing through Binance.

CBN Governor Olayemi Cardoso disclosed that approximately $26 billion had been processed through Binance Nigeria within a year, with the sources of these funds remaining unidentified.

Gambaryan was arrested alongside his colleague and Binance regional manager, Nadeem Anjarwalla, on February 26 after the executives visited Nigeria to help Binance’s defense against tax evasion and money laundering charges.

While Anjarwalla successfully evaded detention with a fake passport in March, Gambaryan remained in custody at the Kuje prison on charges of tax evasion and money laundering.

In May, Binance CEO Richard Teng disclosed that Nigerian officials had approached the exchange’s team, proposing a secret crypto settlement before the meeting that led to Gambaryan’s arrest, an offer that Binance ultimately rejected.

Throughout the case, Gambaryan was denied bail twice—once in May, when the court deemed him a flight risk, and again in October, when his bail request on medical grounds was rejected.

The judge ruled that health conditions do not automatically entitle a prisoner to be released from custody.

As of press time, Binance is still facing four charges of tax evasion, including failing to register with Nigeria’s Federal Inland Revenue Service.

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