The Nigerian government has dropped all charges against Tigran Gambaryan, an executive at Binance Holdings, who has been facing money laundering and currency speculation charges since April.
The Economic and Financial Crimes Commission (EFCC) announced the withdrawal of the charges at the Federal High Court in Abuja on Wednesday morning.
Gambaryan, a U.S. citizen, was accused of laundering over $34.4 million, but his lawyer, Mark Mordi, argued that he was merely an employee of Binance and not involved in the company’s broader financial decisions.
The prosecution agreed, stating that Gambaryan’s activities were being prosecuted in error.
There has been intense diplomatic lobbying between Nigerian and U.S. government officials for Gambaryan’s release.
U.S. lawmakers had campaigned for his freedom, writing to relevant authorities to intervene.
Gambaryan had been denied bail twice due to being considered a flight risk.
His health condition had become a recurring issue in the trial, with the court dismissing his second bail application on October 11.
The judge, Emeka Nwite, ruled that Gambaryan’s ill health was not sufficient grounds for release and ordered him to be referred to a standard hospital in Abuja for treatment.
The charges against Gambaryan were part of a larger case involving Binance, which is facing tax evasion charges in a separate case. Gambaryan’s colleague, Nadeem Anjarwalla, had escaped from custody in March. This raised concerns about Gambaryan’s potential flight risk.
With the charges dropped, Gambaryan is no longer required to stand trial, and his incarceration at the Kuje Correctional Centre in Abuja has come to an end.
