The Nigerian federal government has dropped the money laundering charges against Tigran Gambaryan, an executive of Binance Holdings Limited.
Cyber Reports recalls that Gambaryan has been in detention since February, following allegations of money laundering and manipulation of the naira.
Reports say Gambaryan, a US citizen, was arrested while visiting Nigeria to address regulatory concerns about Binance.
His detention sparked international attention, with 18 US state attorneys general writing a joint letter to President Joe Biden and Secretary of State Anthony Blinken, urging them to take action to secure Gambaryan’s release.
The Economic and Financial Crimes Commission, EFCC, had arraigned Gambaryan in April over allegations of money laundering and manipulation of the naira.
The EFCC accused Binance of operating without registration and violating Nigeria’s anti-money laundering laws.
However, in a surprise move, the EFCC’s lawyer announced the withdrawal of charges at the Federal High Court in Abuja on Wednesday.
The lawyer stated that Gambaryan was merely an employee of Binance, being prosecuted for the company’s activities.
According to reports, Gambaryan’s release was facilitated by diplomatic efforts between the US and Nigerian governments.
The US Department of State had expressed concerns about Gambaryan’s detention, citing lack of transparency and due process.
Binance, one of the world’s largest cryptocurrency exchanges, has faced regulatory scrutiny globally.
In June, the UK’s Financial Conduct Authority, FCA, ordered Binance to cease all regulated activities in the country.
The withdrawal of charges against Gambaryan may indicate a shift in Nigeria’s stance on cryptocurrency regulation.
Nigeria has been exploring ways to regulate cryptocurrency transactions, with the Central Bank of Nigeria, CBN, issuing guidelines for cryptocurrency exchanges.
