In a surprising turn of events, the Nigerian government has dropped all money laundering charges against Tigran Gambaryan, a Binance executive, after detaining him for over seven months. The decision was announced at a hearing on October 23 at the Federal High Court in Abuja, according to local reports. Gambaryan, a U.S. citizen, had been accused of being involved in Binance’s alleged unlawful operations in Nigeria.

The Economic and Financial Crimes Commission (EFCC), which led the prosecution, stated that Gambaryan’s role at Binance was not significant enough to warrant his continued prosecution. However, some speculate that his declining health played a crucial role in the decision. Reports from Bloomberg Law suggest that Gambaryan’s deteriorating condition was the main reason behind the withdrawal of charges, as his legal team had repeatedly highlighted the lack of adequate medical care in Nigerian prisons.

Despite the charges being dropped, Gambaryan’s path to freedom wasn’t straightforward. Nigerian courts had denied his bail requests twice, citing him as a flight risk. His second application in October was also rejected, with the court arguing that health issues did not justify his release.

Although Gambaryan has been cleared, Binance remains in the crosshairs of Nigerian authorities. The government continues to pursue its case against the cryptocurrency giant for alleged tax evasion and money laundering, leaving the company’s future in the region uncertain.

This move raises questions about Nigeria's broader crackdown on cryptocurrency activities and the possible impact on Binance’s global operations.