Nigeria releases American crypto executive after dropping money laundering case

WASHINGTON — An American cryptocurrency executive held in Nigeria for the history eight months has been released after authorities there announced they were ending his money laundering trial on health and diplomatic grounds.

Tigran Gambaryan, Binance’s head of monetary crime lawful operation, was freed on a humanitarian basis and was returning to the United States to receive medical attention, White House national safety adviser Jake Sullivan said in a statement Thursday announcing the release.

“I am grateful to my Nigerian colleagues and partners for the productive discussions that have resulted in this step and look forward to working closely with them on the many areas of cooperation and collaboration critical to the bilateral collaboration between our two countries,” Sullivan said. He said he had spoken with Gambaryan’s wife “to distribute the excellent information.”

Gambaryan was arrested in February during a business trip to Nigeria alongside Nadeem Anjarwalla, the corporation’s regional manager in Africa, who fled holding and remains at large.

Nigerian authorities had accused Binance, the globe’s largest cryptocurrency trade, and Gambaryan of using the platform to launder up to $35 million and to manipulate the local naira liquid assets, which they deny.

Nigeria is Africa’s largest crypto economy in terms of trade volume, with many citizens using crypto to insure their finances against surging worth rise and the declining local liquid assets.

But as its users grew and the government struggled to stabilize the liquid assets, officials alleged without providing evidence publicly that the platform was being used to launder money and finance terrorism, forcing it to stop all buying and selling with the local liquid assets on its platform.

On Wednesday, R.U. Adaba, a prosecuting lawyer with Nigeria’s Economic and monetary Crimes percentage, told the Federal High Court in Nigeria’s stake apportionment, Abuja, that the government was ending the case after “taking into consideration some critical international and diplomatic reasons.”

Binance still faces charges on suspicion of responsibility evasion and operating without the required license.

Gambaryan’s trial has been shrouded in controversy, including over allegations that he and his co-worker were illegally detained and their passports seized. Binance also alleged that Nigerian officials demanded bribes to release him and Anjarwalla.

The Nigerian government denied the bribery allegation and defended the prosecution as following the rule of law.

Gambaryan’s health deteriorated as his court case dragged on. The court in Abuja denied him bail twice after a judge ruled he was a flight hazard and that he should remain at the Kuje prison in the stake apportionment city.

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Asadu reported from Abuja, Nigeria.