The federal government has withdrawn money laundering charges against Tigran Gambaryan, an executive at Binance Holdings Limited, a leading cryptocurrency firm.
Gambaryan had been detained since February after authorities launched an investigation into Binance’s alleged involvement in manipulating Nigeria’s currency. In April, he and the company were charged with money laundering by the Economic and Financial Crimes Commission (EFCC).
However, during a federal court hearing in Abuja on Wednesday, EFCC counsel R.U. Adaba announced the government’s decision to drop the charges. Adaba explained that Gambaryan was merely an employee and had no involvement in the alleged offences committed by Binance.
Gambaryan’s lawyer, Mark Mordi, echoed this view, stating that his client was not involved in Binance’s financial decisions.
This decision comes months after the Federal Inland Revenue Service (FIRS) dropped tax evasion charges against Gambaryan in June. Despite these legal developments, Gambaryan’s health has reportedly deteriorated during his detention, prompting his wife to repeatedly call for his release.
Earlier this year, two members of the U.S. Congress visited Gambaryan at Kuje Correctional Centre, sparking international attention. U.S. lawmakers have since urged President Joe Biden to intervene in securing his release.
The federal high court has twice rejected Gambaryan’s bail applications, leaving his legal future uncertain. Meanwhile, Nadeem Anjarwalla, Binance’s regional manager, who was also under investigation, escaped custody in March.