By Damilare Adeleye
The federal government has withdrawn all charges against Tigran Gambaryan, a Binance Holdings executive, who has been detained since April.
It is understood that the embattled Binance staffer was facing trial for money laundering and operating an unlicensed financial institution through the cryptocurrency company.
However, the Economic and Financial Crimes Commission (EFCC) announced the withdrawal of charges at the Federal High Court in Abuja on Wednesday morning.
It was recalled that Justice Emeka Nwite of the count had previously denied Gambaryan bail twice, citing flight risk concerns.
Gambaryan’s health had reportedly deteriorated during detention, with prison officials describing him as “very sick”.
Gambaryan, a United States citizen and former IRS agent, was arrested in February while visiting Nigeria to address regulatory concerns about Binance.
The prosecution’s lawyer stated that Gambaryan was merely an employee of Binance, not involved in the company’s broader financial decisions.
Mark Mordi, Gambaryan’s defence lawyer and Senior Advocate of Nigeria agreed with the prosecution’s assessment.
It is understood that there were intense diplomatic efforts between Nigerian and US government officials to secure Gambaryan’s release.