Nigeria’s anti-graft agency has dropped a money laundering case against a cryptocurrency executive, allowing him to receive medical treatment abroad.
US citizen Tigran Gambaryan was arrested while on a business trip to Nigeria in February and was later accused of laundering $35.4m (£28m) along with his company Binance, but Binance Denied the allegation.
The 40-year-old heads up financial crime compliance at Binance, the world’s largest cryptocurrency exchange, which Nigeria blames for its recent economic turmoil.
It accuses the digital platform, where investors can buy, sell and trade cryptocurrencies, of currency manipulation and currency speculation, sending the local currency into free fall.
The charges against Binance, which include tax evasion crimes it denies, are part of an overall crackdown by Nigerian authorities on cryptocurrency companies amid concerns they are used to launder money and finance terrorism.
Gambayan’s family has been calling for his release amid concerns about his health, saying conditions at the Kuje Correctional Center, a prison in the capital Abuja, exacerbated his back problems.
“The herniated disc in his back has deteriorated to the point where it may cause permanent damage and affect his ability to walk,” his wife, Yuki, said in August.
A High Court judge twice refused him bail, saying he was a potential flight risk.
Previously, his colleague Nadeem Anjarwalla (Nadeem Anjarwalla), a dual British and Kenyan citizen who served as Binance’s African regional manager, escaped from jail.
He was arrested along with Mr Gambayan in February But fled the country The pair are still wanted by Nigerian authorities, weeks after being placed under house arrest.
According to Reuters, Gambayan’s trial was postponed on Friday because he was unable to appear in court due to illness.
The Economic and Financial Crimes Commission (EFCC) dropped the charges against him at a court in Abuja on Wednesday.
Reuters quoted EFCC lawyer Ekele Ihenacho as saying: “We have dropped the money laundering charges against Tigran Gambaryan so that he can receive treatment abroad.”
Tax evasion charges brought against Binance by the Federal Tax Service will still be pursued in court.
Binance also violated U.S. law. In November last year its founder Zhao Changpeng resigned and was sentenced to four months in prison in April Allowing criminals to launder money on his platform.
