Nigerian Government Dismisses Money Laundering Charges Against Binance Executive

The federal government has decided to drop the money laundering charges against Tigran Gambaryan, an executive of Binance Holdings Limited. The Economic and Financial Crimes Commission (EFCC) had charged both Binance, a cryptocurrency company, and Gambaryan in April of this year with allegations of money laundering.

Gambaryan, a U.S. citizen, has been in detention since February following a crackdown on Binance over accusations of manipulating the naira.During a session at the Federal High Court in Abuja on Wednesday, a lawyer representing the EFCC announced the withdrawal of the charges. The lawyer clarified that Gambaryan was simply an employee of Binance and that he was being prosecuted for activities related to his role at the company.