Nigerian government dropped all money laundering charges against the detained Binance executive Tigran Gambaryan, local media publication Premium Times reported.

The decision was revealed two days before a previously scheduled hearing, marking the culmination of months of diplomatic interventions. However, the case against Binance itself continues. The company faces allegations of laundering millions of dollars and disrupting Nigeria’s foreign exchange market.

The charges were reportedly withdrawn during a hearing at the Federal High Court in Abuja. Gambaryan, a US citizen, had been held in prison since April, awaiting trial for his alleged involvement in laundering $34.4 million.

Diplomacy and Health Concerns

His release followed a formal request by the prosecution, citing diplomatic concerns and his serious health issues. The judge promptly ordered his release but did not grant full acquittal, leaving open the possibility of further legal action.

A lawyer representing Nigeria’s Economic and Financial Crimes Commission (EFCC) pointed to diplomatic talks between the US and Nigerian governments, which had been ongoing for months. High-level negotiations took place behind the scenes, with US lawmakers reportedly pressing for Gambaryan's release after Nigerian courts twice denied his bail.

The legal representative also highlighted Gambaryan’s rapidly declining health in prison, which had become a pressing issue. His inability to walk without assistance and the need for surgery were cited as critical factors in the prosecution’s decision.

Despite the dropped charges, the EFCC opposed full acquittal, stressing that Gambaryan's case was still ongoing and had not been heard on its merits. The health of the Binance executive had been a recurring concern throughout the trial.

Gambaryan’s Health

Gambaryan’s health reportedly worsened to the point where he required a wheelchair. The defense had sought bail on health grounds twice, only to be denied by the court, which ruled that the prison system could adequately manage his condition.

In Wednesday’s ruling, the judge agreed that Gambaryan’s role as an employee did not warrant the same level of responsibility as Binance, which remains the primary defendant in the case.

While Gambaryan is now free, Binance, the world’s largest cryptocurrency exchange, continues to face significant legal challenges in Nigeria. The company is accused of laundering over $34 million through illegal currency speculation, harming Nigeria’s foreign exchange reserves and market stability.

This article was written by Jared Kirui at www.financemagnates.com.