- Nigerian government drops charges against Binance executive Tigran Gambaryan.
- Gambaryan had been on trial for money laundering since April.
- Diplomatic talks between Nigerian and U.S. government officials for his release have been ongoing for months.
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The Nigerian government has dropped all charges against Tigran Gambaryan, an executive at Binance Holdings, who had been on trial for money laundering since his detention in April.
The Nigerian government has dropped all charges against Tigran Gambaryan, an executive at Binance Holdings, who had been on trial for money laundering since his detention in April, Premium Times reported.
On Wednesday morning, a lawyer representing the Economic and Financial Crimes Commission (EFCC), the prosecuting body, informed the Federal High Court in Abuja of the decision to withdraw the charges.
The standoff between Nigeria and Binance first came to light in February when Nigerian authorities detained Tigran Gambaryan and a colleague, Nadeem Anjarwalla, during their visit to the country. While his colleague later escaped, Gambaryan has remained in detention at the Kuje Correctional Center in Abuja since April.
In June, Nigeria's Federal Inland Revenue Service removed the two executives as defendants in the tax evasion case, but they, along with Binance, still face separate money laundering charges.
At the Federal High Court in Abuja Wednesday morning, a lawyer representing the Economic and Financial Crimes Commission (EFCC) – the prosecuting agency – announced the withdrawal of the charges.
Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Gambaryan, concurred with the prosecution, stating that his client was not involved in the company's broader financial decisions.
Since his arrest, diplomatic talks between Nigerian and U.S. government officials have been ongoing for months to secure Gambaryan’s release.
In May, Binance CEO Richard Teng criticized Nigeria for setting a troubling precedent by detaining the two Binance executives, highlighting concerns about the implications for international business relations.
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