The federal government has dropped money laundering charges against Tigran Gambaryan, an executive of Binance Holdings Limited, after eight months.

In April 2024, the Economic and Financial Crimes Commission (EFCC) arraigned Binance, a cryptocurrency firm and Gambaryan over money laundering allegations.

Gambaryan, a United States citizen, has been detained since February following the clampdown on the cryptocurrency firm over alleged manipulation of the naira.

On Wednesday, October 23, 2024, a lawyer representing the EFCC announced the withdrawal of the charges at the Federal High Court in Abuja.

The lawyer stated that Gambaryan was merely an employee of Binance, and his activities were the basis for the prosecution.