Nigeria Drops Charges Against Binance Executive Tigran Gambaryan After Nine-Month Detention

In a striking development, Nigeria has dropped all charges against Tigran Gambaryan, a Binance executive who spent nine months in detention. Gambaryan, along with colleague Nadeem Anjarwalla, was detained in February upon arrival in Abuja. The two were in the Nigerian capital to address growing tensions between Binance and the Nigerian government, having been assured of their safety prior to their visit. However, shortly after landing, the pair were taken into custody, sparking an international outcry.

Nigeria’s stance on cryptocurrency firms intensified earlier this year after the country’s free-floating of the naira failed to stabilize its value, leading to extreme volatility in the foreign exchange market. The Central Bank of Nigeria (CBN) pointed fingers at crypto exchanges, accusing Binance of facilitating currency manipulation and price-fixing. Consequently, Binance’s access to the Nigerian market was restricted, and local exchanges were instructed to delist USD/Naira trading pairs. Despite these measures, the naira’s value continued to decline, reaching ₦1,700 against the dollar by October.

Gambaryan’s prolonged detention drew criticism, with his denial of bail casting doubt on Nigeria’s handling of the matter. Observers noted that as a company representative, he should not have been detained in place of Binance. Diplomats, including U.S. Secretary of State Anthony Blinken, reportedly intervened to secure his release, bringing an end to what many saw as an unnecessary and troubling chapter.

Gambaryan's release underscores the need for a balanced approach as Nigeria navigates its foreign exchange challenges amidst a rapidly evolving digital finance landscape.