Nigeria’s federal government has dropped money laundering charges against Tigran Gambaryan, an executive of leading cryptocurrency firm Binance.
The charges, filed by the Economic and Financial Crimes Commission (EFCC) in April, accused Mr Gambaryan and Binance of involvement in money laundering activities.
Mr Gambaryan had been detained since February as part of a broader crackdown on Binance, amid allegations that the platform was used to manipulate the Nigerian currency.
The case drew significant attention due to the increasing scrutiny of cryptocurrency operations in Nigeria, as the government seeks to regulate digital assets and curb financial crimes.
The EFCC had previously accused Binance of facilitating transactions that violated anti-money laundering laws, contributing to economic instability.
However, in a recent development, the federal government decided to withdraw the charges against Mr Gambaryan.
The reasons behind the withdrawal have not been officially disclosed, but it marks a significant shift in the case.
Binance, which has a global presence, has faced regulatory challenges in various countries including Nigeria, where concerns over the use of cryptocurrency in illegal activities have led to increased oversight.
