The Federal Government of Nigeria has officially dropped all money laundering charges against Tigran Gambaryan, a Binance Holdings executive, citing health concerns.
Gambaryan, detained since April, faced allegations of laundering $34.4 million.
The Economic and Financial Crimes Commission (EFCC) announced the withdrawal during a Federal High Court session in Abuja, just days before a scheduled hearing.
The EFCC clarified that Gambaryan was merely an employee of Binance, not involved in major financial decisions, a decision many say, follows significant diplomatic pressure from U.S. lawmakers regarding his deteriorating health in custody.
Counsel to Gambaryan, Mark Mordi, agreed with the prosecution, saying that his client was not involved in the company’s broader financial decisions.
The trial judge, Justice Emeka Nwite, had rejected his second bail application on 11 October, ruling that Mr Gambaryan’s grounds of ill health were not sufficient to release him from detention.
The judge then fixed 18 October for continuation for trial but Mr. Gambaryan was absent on health grounds, according to prison.
The judge then rescheduled the trial for 25 October, which appears to have now been overtaken by the event of Wednesday’s unpublicised hearing.
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