Nigerian authorities have dropped all charges against Tigran Gambaryan, a senior executive at cryptocurrency exchange Binance, according to local media reports.

On October 23, during a closed session of the Federal High Court in Abuja, a lawyer representing the Economic and Financial Crimes Commission (EFCC) stated that Gambaryan was an ordinary Binance employee and bore no responsibility for the company’s actions that had led to his prosecution.

Gambaryan’s attorney, Mark Mordi, supported the prosecution’s position, emphasizing that his client was not involved in key financial decisions of the company. This resulted in the dismissal of all charges against him.

Ongoing Investigations Into Binance

While official details of this decision have not yet been disclosed, the investigation into Binance continues. The company faces allegations of money laundering and currency speculation involving $34.4 million, as well as accusations of tax evasion.

Background on Gambaryan’s Detention

In February 2024, Gambaryan, along with Binance’s West and East Africa director, Nadim Anjarwalla, was arrested in Nigeria. Anjarwalla later fled to Kenya but was located and extradited back to Nigeria.

Gambaryan was held at the Kuje Correctional Center in Abuja, where his health deteriorated significantly due to conditions such as a hernia, pneumonia, and malaria. Despite his health issues, the court denied him bail twice.

His wife, Yuki, repeatedly appealed to US authorities to intervene in the situation.