The Economic and Financial Crimes Commission (EFCC) had brought the charges against Gambaryan in connection with alleged financial misconduct at Binance, a prominent cryptocurrency firm.
Gambaryan, a United States citizen, had been detained since February as part of the government’s clampdown on the company following allegations of naira manipulation within Nigeria’s cryptocurrency markets.
A legal representative for the EFCC announced the withdrawal of the charges at a hearing on Wednesday, October 23, at the Federal High Court in Abuja.
“Mr Gambaryan was merely an employee of Binance, and the activities for which he was being prosecuted were part of his role at the company,” the EFCC’s lawyer explained to the court.
The lawyer further emphasised that Gambaryan had no personal involvement in the financial practices under investigation.
This decision comes after months of legal battles and raised questions regarding the scope of the charges against Gambaryan. His legal team consistently argued that he had no direct role in the alleged manipulation of the naira or any related laundering activities.
This case has drawn significant attention due to its implications for the cryptocurrency sector and the regulation of financial activities linked to digital currencies in Nigeria.
