- Counsel to EFCC asked Justice Emeka Nwite to discharge Gambaryan because he was not a senior executive at Binance and, as such, could not be held liable for the crypto exchange's actions.
- 12 days ago, the same EFCC counsel, Ekele Iheanacho SAN, argued against the bail application of Gambaryan, and the same judge rejected the application
- If the government knew it would release him, why detain him in a decrepit prison for several months?
On Wednesday, October 23, 2024, the federal high court in Abuja discharged Binance executive Tigran Gambaryan, who had been detained in Nigeria since February 2024.
Gambaryan was standing trial on charges related to the money laundering perpetrated on the Binance crypto exchange. Officials said bad actors used the platform to launder over $35 million. Gambaryan is a US citizen and, until his detention, was head of financial crime compliance at Binance.
On Wednesday, the counsel to the prosecuting agency, the Economic and Financial Crimes Commission (EFCC), asked Justice Emeka Nwite to discharge Gambaryan because he was not a senior executive at Binance and, as such, could not be held liable for the crypto exchange's actions.
There are a couple of issues that seem unusual. First, the Wednesday hearing. The slated date for the continuation of the trial was October 25. Insiders suggest that it was brought forward to evade the attention of the public, who have become interested in the case, and the press, which has covered it extensively.
Secondly, 12 days ago, the same EFCC counsel, Ekele Iheanacho SAN, argued against the bail application of Gambaryan, and the same judge rejected the application. The same court had earlier rejected Gambaryan’s first bail application.
The grounds on which the EFCC counsel based its withdrawal request were the same grounds that Gambaryan’s counsel argued in his favour, but the Nigerian government refused to consider them.
In the past, Gambaryan’s family, as well as Binance, pleaded with the EFCC and the Nigerian government that Gambaryan was just an employee and should not be held liable for Binance's actions. But the government pretended not to understand the argument.
Real reason Nigerian court discharged detained Binance executive Tigran Gambaryan
The question asked by many observers is, what changed now? If the government knew it would release him, why detain him in a decrepit prison for several months?
During the Wednesday hearing, the EFCC lawyer said the government had examined the case and acknowledged that Gambayran is only an employee of Binance, and his position in the case has no bearing on it.
However, this is not the entire reason why Gambayran was discharged. Here are the two main reasons.
1. Diplomatic ripples and fear of US action
Gambayran is a US citizen and once served as a US special law enforcement agent. While in detention, several political leaders in the US called for the US government to compel the Nigerian government to release him. They said Gambayran was detained illegally and should be released unconditionally.
Over time, the call grew, and Gambayran’s detention gained global attention. However, it reached a crescendo a few days ago when attorney generals from 18 US states—18 Republican and Democrat states—wrote and signed a joint letter to President Joe Biden. Experts said it was a sign of how important the issue has become, and when issues cross partisan lines, they show intense seriousness.
The attorney generals asked Biden to declare Gambaryan a hostage in accordance with the Robert Levinson Hostage Recovery and Hostage-Taking Accountability Act. They voiced concerns about Gambaryan's declining health and the “illegality” of his incarceration.
Gambaryan’s life is in immediate danger, they said in the letter, adding that “the refusal of Nigerian authorities to allow independent medical evaluations or access to proper treatment mirrors the conditions that led to the tragic death of Otto Warmbier, a U.S. student who was detained in North Korea. We cannot allow history to repeat itself,” the letter read.
“We must act decisively to ensure his safe return to his family before it’s too late. It is our duty to advocate for U.S. citizens abroad, and we urge the federal government to apply the necessary diplomatic pressure to secure his release,” said General Formella, New Hampshire Attorney General, in a press statement.
Analysts believe that after this letter, diplomatic moves were made, and the Nigerian authorities did not want to risk a diplomatic row with the US, given that such would be disastrous for the West African country.
2. Deteriorating health/inability to walk again
During one of the recent court hearings, Gambaryan was seen begging a prison official to help him walk. He had difficulty walking, and the Nigerian prison officials failed to provide a wheelchair for him.
The family released a statement alleging that medical negligence by Nigerian prison officials and the Nigerian government is the reason why the Binance executive's health keeps getting worse. “He is no longer able to walk from the pain of his untreated herniated disc or spinal injury. The prison is also refusing to provide him with a wheelchair,” the family said in the statement.
On October 18, Gambaryan could not appear for his hearing and prison officials said he was “very sick, and that is why he could not be produced in court.”
In the letter the 18 attorney generals wrote to Biden, they described Gambaryan’s health as “declining” and emphasised that he must be saved before it's too late.
With much attention on his health and diplomatic ripples bubbling, the Nigerian authorities figured out the dangers could be much more than the benefit they wanted to get from the case.
5 Exchanges to trade $X Empire token
Meanwhile, TheRadar earlier reported that while millions of crypto enthusiasts and users worldwide are excited about the coming listing of $X, many do not know the exchanges and where they can trade the coin. Below are the exchanges announced by the X Empire developers where the $X coin will start listed and trading on October 24.
1. Bybit
Bybit is one of the top-tier and most popular crypto exchanges in the world. The developers of X Empire have said the $X coin will be listed on Bybit for spot trading on October 24.
