After months of international lobbying, the Nigerian government has reportedly dropped all money laundering charges against Binance CEO Tigran Gambarian, who has been detained for the better part of 2024. Earlier today at a High Court in Abuja, lawyers representing the Economic and Financial Crimes Commission of Nigeria (EFCC) announced the dropping of money laundering charges against Gambarian.
the hearing took place earlier than expected following increased pressure from the US government's diplomatic efforts. In addition, Gambarian is a low-status U. S. citizen on the #Binance exchange and cannot legally be held liable for the company's debts.
pThe Nigerian government has charged Binance with five counts of money laundering and currency speculation worth up to $34 million.
p Earlier, a Nigerian court denied Gambarian bail, citing that he posed a flight risk despite claims of his deteriorating health. Gambarian was arrested along with Nadeem Anjawala, who fled Nigeria earlier this year.
The end of the six-month trial against Gambarian marks a new chapter in the regulation of #cryptocurrencies in Nigeria. Binance, led by CEO Richard Teng, is seeking to legally enter the global market and will likely seek a license to operate in Nigeria. In addition, Nigeria is leading Africa's adoption of cryptocurrencies and the #Web3 protocol as more investors seek to avoid the severe devaluation of the naira, which has caused it to appreciate nearly tenfold against the U. S. dollar.
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