In a dramatic twist, the federal government today dropped money laundering charges against Tigran Gambaryan, the embattled Binance Holdings executive detained since April this year.
The Economic and Financial Crimes Commission (EFCC) announced the withdrawal of charges at the Federal High Court in Abuja this morning.
Gambaryan’s family in the United States had for over six months been pleading with the Federal government to let their son off the hook.
Justice Emeka Nwite of the Federal High Court had denied Gambaryan bail twice, citing flight risk concerns.
Gambaryan’s health had reportedly deteriorated while in detention.
Gambaryan, a United States citizen and former IRS agent, was arrested in February while visiting Nigeria to address regulatory concerns about Binance.
He was accused of money laundering and operating an unlicensed financial institution.
The prosecution’s lawyer stated that Gambaryan was merely an employee of Binance, not involved in the company’s broader financial decisions.
Gambaryan’s defence lawyer, Senior Advocate of Nigeria, Mark Mordi agreed with the prosecution’s assessment.
There have been intense diplomatic efforts between Nigerian and the US government officials to secure Gambaryan’s release.
US lawmakers had also waded into the case and pleaded for Gambaryan’s release.
With the withdrawal of the case, the coast is now clear for the embattled Binance Executive to breed air of freedom.