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• Nigerian authorities have dropped money laundering charges against Binance executive Tigran Gambaryan, allowing him to seek medical treatment abroad.
• The case against Binance, including tax evasion charges, continues as Nigeria investigates the exchange’s alleged role in economic instability.

A Nigerian court has ordered the release of Tigran Gambaryan, a top Binance executive, after the country’s Economic and Financial Crimes Commission (EFCC) dropped money laundering charges against him to allow for medical treatment abroad.

Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, had been detained in Nigeria since February, facing charges related to laundering $35.4 million, which both he and Binance have denied.

Gambaryan’s health had been a growing concern for his family, who reported that his back condition had worsened during his detention at Kuje Correctional Centre in Abuja. His wife, Yuki, revealed that the herniated disc in his back could cause permanent damage and impact his ability to walk.

Despite these concerns, Gambaryan’s bail had been denied twice, with the court citing him as a potential flight risk following the escape of his colleague, Nadeem Anjarwalla, Binance’s Africa regional manager, who fled the country shortly after being placed under house arrest.

Last week, the court adjourned Gambaryan’s trial due to his illness, but on Wednesday, EFCC lawyer Ekele Ihenacho announced the withdrawal of the money laundering charges against him. The decision was partly made to allow Gambaryan to seek necessary medical care outside Nigeria. Diplomatic efforts were also said to have contributed to securing his release.

Although the charges against Gambaryan have been dropped, the case against Binance will continue. Nigerian authorities have accused the cryptocurrency exchange of facilitating money laundering and currency speculation, which they claim has contributed to the free fall of Nigeria’s local currency. Binance is also facing separate tax evasion charges, which are still being pursued in court.

Binance, the world’s largest cryptocurrency exchange, has faced similar legal challenges elsewhere, including in the United States. Last year, its founder, Changpeng Zhao, resigned and was later sentenced to prison for enabling money laundering activities on the platform.