The federal government has officially dropped all charges against Tigran Gambaryan, an executive at Binance Holdings, who had been detained since April on money laundering allegations.
The Economic and Financial Crimes Commission (EFCC) announced the withdrawal of the charges during a session at the Federal High Court in Abuja on Wednesday. Gambaryan, a U.S. citizen and former IRS agent, was arrested in February while visiting Nigeria to address regulatory concerns related to Binance. He had faced accusations of money laundering and operating an unlicensed financial institution.
Judge Emeka Nwite had previously denied Gambaryan bail twice, citing concerns about his potential as a flight risk. Reports noted that Gambaryan’s health had worsened during his detention, with prison authorities stating that he was “very sick.”
During the court proceedings, the prosecution clarified that Gambaryan was merely an employee of Binance and had no involvement in the company’s financial operations. This was supported by Gambaryan’s defense lawyer, Mark Mordi, a Senior Advocate of Nigeria.
The decision to drop the charges came after intense diplomatic discussions between Nigerian and U.S. officials, aimed at securing Gambaryan’s release. U.S. lawmakers had also called for his release, urging intervention from the relevant authorities.
