The Nigerian government has dropped charges against Binance executive Tigran Gambaryan, who was facing allegations related to Binance’s operations in Nigeria, specifically around regulatory compliance concern.
The charges were initially part of Nigeria’s increased scrutiny of cryptocurrency exchanges operating within the country, with the Central Bank of Nigeria and the Securities and Exchange Commission expressing concerns about the rapid growth of crypto platforms.
Gambaryan, Head of Financial Crime Compliance was detained in Nigeria since February, along side Nadeem Anjarwalla, the exchange’s director for Africa operations. The duo had come to Nigeria for talks with government and were held back from leaving, with their passports and travel documents seized.
A Positive Outcome for Binance
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The decision to drop the charges marks a major relief for Binance, enabling the company to focus on expanding its services in Nigeria, one of the Africa’s largest crypto markets. This development could have a lasting impact on the regulatory landscape in Nigeria, where authorities are navigating the balance between fostering innovation in fintech and maintaining oversight of financial stability.
It is worth noting that the Nigerian government had previously dropped tax evasion charges against Gambaryan and Anjarwalla in June. The executives were still defendants in money laundering case brought by the Economic and Financial Crimes Commission (EFCC).
The outcome is likely a result of ongoing negotiations between Binance and Nigerian regulators, particularly regarding regulatory compliance. By dropping the charges, the Nigerian government may be signaling a willingness to collaborate more closely with global crypto companies like Binance, opening doors for smoother operations in the country’s exponentially increasing digital economy.
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