Binance Employee, in Custody for 8 Months in Nigeria, Will Be Released

Published On Oct 23, 2024, 8:36 AM

Tigran Gambaryan, a former U.S. law enforcement officer and employee of Binance, has been released from a Nigerian prison after prosecutors dropped charges of money laundering against him. His release was attributed to humanitarian grounds due to his declining health, including malaria and back issues. Gambaryan was in Nigeria to discuss Binance's operations when arrested amid broader allegations that the company has negatively impacted Nigeria's economy by enabling currency outflows. The situation occurs against the backdrop of Nigeria's severe economic crisis, which the government has connected to the rise of cryptocurrencies.