The Federal Government of Nigeria has dropped all charges against Tigran Gambaryan, a Binance Holdings executive who has been detained since April on money laundering allegations.
On Wednesday morning, the Economic and Financial Crimes Commission (EFCC) announced the withdrawal of charges at the Federal High Court in Abuja.
Notably, Judge Emeka Nwite had previously denied Gambaryan bail twice, citing concerns about a potential flight risk.
Reports indicated that Gambaryan’s health had deteriorated during his detention, with prison officials describing him as “very sick.”
A United States citizen and former IRS agent, Gambaryan was arrested in February while visiting Nigeria to address regulatory issues involving Binance. He faced accusations of money laundering and operating an unlicensed financial institution.
The prosecution’s lawyer emphasized that Gambaryan was merely an employee of Binance and not involved in the company’s broader financial decisions.
Mark Mordi, Gambaryan’s defense lawyer and a Senior Advocate of Nigeria, concurred with the prosecution’s assessment.
It is understood that intense diplomatic efforts between Nigerian and US government officials played a crucial role in securing Gambaryan’s release, with US lawmakers advocating for him and urging relevant authorities to intervene.
