Cryptocurrency Executive Freed in Nigeria Amid Diplomatic Moves

Tigran Gambaryan, Binance's financial crime compliance head, has been released from Nigerian custody after eight months. Held on money laundering charges, his release came on health and diplomatic grounds. Gambaryan, who was arrested alongside a colleague in February, was accused of laundering $35 million via Binance.

A senior executive from the cryptocurrency world, Tigran Gambaryan, has been released by Nigerian authorities after being detained for eight months on allegations of money laundering. Officials cited health concerns and diplomatic reasons for terminating the trial.

Gambaryan, who serves as Binance's head of financial crime compliance, was taken into custody during a business trip to Nigeria. He faced accusations alongside Nadeem Anjarwalla, his colleague, who managed to flee detention and remains missing.

The decision to drop the case against Gambaryan came as Nigeria's crypto economy faces scrutiny over unsubstantiated claims of the platform being used for money laundering and terrorism financing. Despite the charges being dropped, Binance continues to face legal challenges over alleged tax evasion and licensing issues.

(With inputs from agencies.)