Major Binance News : Nigerian Government Drops All Charges Against Executive Tigran Gambaryan

The post Major Binance News : Nigerian Government Drops All Charges Against Executive Tigran Gambaryan appeared first on Coinpedia Fintech News

After months of international lobbying, the Nigerian government has ostensibly dropped all money laundering charges for Binance executive Tigran Gambaryan, who has been held in custody for the larger part of 2024. Earlier today at the country’s High Court in Abuja, the legal team representing the Nigerian Economic and Financial Crimes Commission (EFCC) announced the withdrawal of money laundering charges on Gambaryan.

The hearing happened earlier than expected following the heightened pressure from the United States government through diplomatic efforts. Moreover, Gambaryan is a U.S. citizen with a low-ranking post in Binance exchange to be held accountable for the company’s liabilities from a legal perspective.

Notably, the Nigerian government accused Binance of five counts of money laundering and currency speculation amounting to as much as $34 million.

Previously, Gambaryan had been denied bail by the Nigerian court due to the potential risk of flight, despite the claims of deteriorating health. Gambaryan was arrested together with Nadeem Anjarwalla, who fled Nigeria earlier this year.

What Next for Binance in Nigeria

The end of the six-month trial against Gambaryan will open a new chapter for crypto regulation in Nigeria. Binance, which is seeking to expand its operations in global markets legally under the leadership of CEO Richard Teng, will most likely push to obtain an operating license in Nigeria.

Moreover, Nigeria has been leading in crypto and Web3 protocols adoption in Africa, as more investors seek to flee the high devaluation of the Naira, which has rallied almost 10x against the U.S. dollar.