The Federal Government on Wednesday dropped all money laundering charges against an executive of Binance Holdings Tigran Gambaryan.
A lawyer representing the prosecutor – the Economic and Financial Crimes Commission (EFCC) – announced the withdrawal of the charges at the Federal High Court in Abuja.
The lawyer said Mr Gambaryan, a United States citizen, was merely an employee of Binance, whose activities he was being prosecuted for.
Gambaryan’s counsel Mark Mordi (SAN) agreed with the prosecution, saying that his client was not involved in the company’s broader financial decisions.
Gambaryan was denied bail on two occasions because Justice Emeka Nwite considered him to be a flight risk.
The withdrawal of the charges is believed to be the result of months of diplomatic lobbying between Nigerian and US government figures.
Gambaryan was absent in court on October 18 for the continuation of his trial. There were concerns about his health.
The Binance executive has been held at the Kuje Correctional Centre in Abuja since his arraignment in April.
He is standing trial alongside Binance, a cryptocurrency company, on five counts of money laundering and currency speculation involving as much as $34.4 million.
Binance is facing tax evasion charges in a separate case before another judge of the Federal High Court in Abuja.
The court’s decision came two months after Gambaryan’s colleague Nadeem Anjarwalla reportedly escaped from pre-trial custody in Abuja in March.
