News View Non-AMP

Binance Exec Freed! Nigeria Drops Money Laundering Charges Amid U.S Pressure

Published by
Qadir AK

After months of international lobbying, the Nigerian government has dropped all money laundering charges against Binance executive Tigran Gambaryan. The decision was announced at the High Court in Abuja, where the Nigerian Economic and Financial Crimes Commission (EFCC) confirmed the withdrawal of the charges. Gambaryan, who has spent most of 2024 in custody, will now be released and free to return home.

How did the Nigerian government come to this decision?

Did the U.S. Pressure Help?

The hearing was held sooner than expected due to mounting pressure from the United States, which pushed strongly for Gambaryan’s release. As a U.S. citizen with a relatively minor role at Binance, he was seen as an unlikely target for the company’s legal issues. His release marks a diplomatic success for the U.S., which had been advocating for a swift conclusion to the case.

Understanding the Allegations

The Nigerian authorities accused Binance of five counts of money laundering and currency speculation, involving around $34 million. Gambaryan was previously denied bail over fears he might flee, despite his worsening health. He was detained alongside fellow Binance executive Nadeem Anjarwalla, who managed to escape Nigeria earlier this year.

Crypto Regulation in Nigeria

With this six-month case now closed, Nigeria may see a shift in its cryptocurrency regulations. Binance, which has been expanding globally under CEO Richard Teng, is likely to renew efforts to secure an operating license in the country. This could lead to more defined rules for digital assets in Nigeria.

Nigeria is one of Africa’s top countries for crypto and Web3 adoption, drawing more investors as the Naira continues to lose value. The local currency has struggled significantly, depreciating nearly 90% against the U.S. dollar in recent years. This economic pressure has led many Nigerians to turn to cryptocurrencies as a way to protect their finances.

Stay tuned for updates on how this case will impact the future of crypto regulation in Nigeria and beyond.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Crypto Liquidations Nearly $1B Today: Time to Exit and Take Profits?

The cryptocurrency market recorded more than $841 million in total forced liquidations during the last…

May 31, 2025

Bitcoin Price Displays a Similar Deviation: Is it Time for a Deeper Correction?

Ever since the start of the week, the Bitcoin price has been facing significant bearish…

May 30, 2025

Nimanode Ignites XRP Ecosystem with $NMA Presale, Eyes 10X Growth Post-Launch

Nimanode, the first no-code AI agent platform built natively on the XRP Ledger (XRPL), is…

May 30, 2025

Solana Targets $200 as TRON Prepares to Flip December’s ATH; Could Unilabs’ AI Launchpad Reshape DeFi?

With Bitcoin (BTC) ranging between $105,000 and $110,000, attention is gradually shifting to altcoins, causing…

May 30, 2025

Solana (SOL) Price Heading to the Crucial Range—Will it Drop to $150 or Rebound to $180?

The crypto markets are consolidating ahead of the $5 billion liquidity entering the space, as…

May 30, 2025

Top Cryptocurrencies Poised for Explosive Growth in 2025: Ripple, Ethereum, and Unilabs

Per reports from crypto commentators, the Ripple price might be soaring to $5 in the…

May 30, 2025