Charges against Tigran Ghambaryan in Nigeria have been dropped, but Binance is still under scrutiny
Charges against Tigran Ghambaryan in Nigeria have been dropped, but Binance is still under scrutiny
Nigeria has dropped money laundering charges against Tigran Ghambaryan, a senior executive at Binance, allowing him to leave the country for medical treatment. While this development marks a reprieve for Ghambaryan, the Nigerian government continues to pursue its case against Binance, accusing the cryptocurrency exchange of involvement in financial misconduct.
Nigeria's Economic and Financial Crimes Commission (EFCC) has withdrawn the lawsuit against Gambarian, a US citizen and head of financial crime at Binance, Reuters informs.
The charges against Ghambaryan, initially part of a broader investigation into Binance's operations in Nigeria, were formally withdrawn on October 23. Reports indicate that authorities allowed Ghambaryan to leave Nigeria after medical concerns were raised. This move is seen as a partial resolution in the legal challenges facing Binance and its affiliates in the West African country.
However, despite the individual charges being dropped, the Nigerian government remains focused on its investigation into Binance as an entity. The exchange has faced allegations of facilitating money laundering and operating without proper regulatory approval. Nigerian authorities argue that Binance's decentralized operations have created opportunities for illicit financial activities, adding to global scrutiny of the platform.
This case highlights the increasing regulatory challenges Binance faces worldwide. Governments, including Nigeria's, have ramped up efforts to regulate cryptocurrency exchanges, citing concerns about money laundering, fraud, and unregulated financial transactions. Binance has repeatedly stated its intention to comply with local laws and regulations, but ongoing investigations suggest that its operations remain under intense examination.
Looking ahead, Binance’s ability to navigate these legal hurdles will be crucial to maintaining its presence in Nigeria and other key markets. The outcome of the Nigerian investigation could also influence the regulatory landscape for cryptocurrency exchanges operating in emerging economies. Observers will be closely monitoring whether this case triggers stricter enforcement measures or sparks dialogue between Binance and Nigerian regulators toward resolving compliance issues.
For now, while Tigran Ghambaryan’s immediate legal troubles have been resolved, the broader challenges for Binance in Nigeria remain unresolved, reflecting the complex relationship between regulators and the rapidly evolving cryptocurrency industry.
Confirming the company's ongoing efforts to comply with local regulations in each region, Binance has shut down its referral program in Turkey.
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