Tigran Gambaryan, the Binance Executive who has been in detention in Nigeria since April might be close to getting his freedom. According to reports, the dropped charges also affect Nadeem Anjarwalla, leaving only the trading firm as the defendant in fraud charges.
Slight Relief For Binance
The detention of Gambaryan and Anjarwalla was deemed illegal and an attempt by the Nigerian authorities to manipulate Binance. In one of the Friday prayer sessions, Anjarwalla managed to escape custody, leaving Gambaryan in Kuje Prison. Interpol has since filed extradition papers to have him sent back to Nigeria.
While there have been calls for his release, these amended charges are the first headway and a push for relief the firm has seen since the case started in the first quarter. The trading platform noted that it is able to defend itself and that it expects the Nigerian government to discharge Gambaryan completely.
The next hearing in the case is slated for June 19 and per the current development, Gambaryan might gain his freedom after the last failed bail attempts.
Though the trading platform still has regulatory headwinds to resolve with the Nigerian authorities, setting Gambaryan free might form a positive show of good faith that might stir a speedy resolution of the ongoing dispute.
The Complications In View
It is worth noting that Binance CEO Richard Teng once slammed the Nigerian authorities for impropriety. This position stems from claims that anonymous persons within the government demanded $150 million in bribes as reported earlier. This money was reportedly to make its regulatory problems with the Economic and Financial Crimes Commission (EFCC) go away.
Binance did not agree and the publicity the claims gained drew intense denial from the government. While the complications in the case are visible, the escape of Anjarwalla might also be another key issue to tackle.
It remains unknown whether Binance will keep speaking for him the way it did for Gambaryan. For now, the exchange is choosing to celebrate its little win.
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