Binance, the world’s largest cryptocurrency exchange, had a dramatic year. But things were starting to look up for the platform. According to recent news, the Nigerian government has withdrawn all charges against Tigran Gambaryan, an executive at the firm. The charges were dropped at the Federal High Court in Abuja earlier today.
Also Read: Dogecoin: 80% DOGE Holders In Profit: Can It Hit $0.20?
Why Was The Binance Executive in Nigerian Prison?
Gambaryan was imprisoned on charges of money laundering. During their visit to Nigeria, the nation arrested Gambaryan and another Binance employee, Nadeem Anjarwalla. Gambaryan has been held since April at the Kuje Correctional Center in Abuja. It should be noted that his colleague eventually managed to get away.
For months, Nigerian and American government representatives have been negotiating diplomatically to obtain Gambaryan’s release since his incarceration. More recently, a group of 18 state attorneys decided to step in and push President Joe Biden to help secure the release of the Binance executive.
Also Read: Alphabet (GOOGL) Stock: Jim Cramer vs. Brian White – Who’s Right?
While most efforts went in vain, Gambaryan could finally walk out free. It should be noted that Binance CEO Richard Teng previously condemned Nigeria for its ill-treatment of Gambaryan. Teng said,
“This inhumane treatment of Tigran must end. He must be allowed to go home for medical treatment and to be with his family.”
Gambaryan’s Terms of Release
The Economic and Financial Crimes Commission (EFCC) listed several reasons behind the Binance executive’s release. The EFCC attorney, who announced the charges were dropped, said Gambaryan, a US citizen, was not involved in the actions for which he was being prosecuted at Binance and was not holding a high position there. As a result, he was not part of the firm’s broader financial decisions.
The charges against Gambaryan were apparently dismissed by the EFCC during a hearing two days before the scheduled hearing on October 25. This was done to limit public scrutiny.
Also Read: Top 3 Cryptocurrencies That May Hit New Peaks After US Elections