Official statements or press releases from the U.S. State Department

After Seven Months' Detention, Nigeria Releases Binance's Gambaryan as Charges Dropped Due to Ill Health

Oct 23, 2024, 10:34 AM

Binance executive Tigran Gambaryan, the company's head of financial crime compliance and a former U.S. federal agent, has been detained in Nigeria since February 2024, held for over seven months on charges of money laundering and currency manipulation involving $35 million, which both he and Binance deny. His trial was postponed multiple times, including a delay to October 25, due to his deteriorating health, with prison authorities declaring him 'very sick.' Eighteen U.S. state attorneys general have urged President Joe Biden and the State Department to designate Gambaryan as unlawfully detained and to consider him a hostage, pressing for his release. On October 23, 2024, the Nigerian government dropped all charges against Gambaryan and ordered his release on health grounds. The government's lawyer acknowledged that Gambaryan was not in a senior role when the alleged crimes occurred. Nigeria plans to continue its case against Binance without him.