Nigerian government has revoked money laundering charges against Binance executives.

The Nigerian government has made a significant turnaround in the case of Binance, officially dropping all charges against Binance executive Tigran Gambaryan. Gambaryan has been in custody since April this year, and the decision was made during a hearing at the country's High Court on Wednesday, just two days before the original court date set for October 25th.

Nigeria Drops Money Laundering Charges Against Binance Executive

An attorney from the Economic and Financial Crimes Commission (EFCC) announced the withdrawal of charges during a hearing, citing Gambaryan's limited role at Binance. The prosecution argued that Gambaryan, as a U.S. citizen, was only an employee of Binance and was not involved in the larger financial operations of the company that are the focus of the case.

This unexpected decision to drop the charges came during a seemingly low-profile hearing to avoid public attention. The court had previously scheduled the next hearing for October 25, but Wednesday's hearing was held earlier and without much fanfare, leading to speculation about the motives behind the timing.

Diplomatic Behind-the-Scenes Negotiations Take Center Stage

It has been revealed that Wednesday's hearing was the result of months-long behind-the-scenes diplomatic negotiations between Nigeria and the United States. U.S. lawmakers had been lobbying Nigerian authorities to release Gambaryan. He had previously been denied bail twice, with the judge deeming him a flight risk. In addition to diplomatic pressure, public movements in the U.S. also called for Gambaryan's release, and reports suggest that these movements played a role in Nigeria's decision to drop the charges.

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While Gambaryan's personal legal issues have been resolved, Binance is still under legal scrutiny in Nigeria. The company itself is still facing a tax evasion investigation, with related cases ongoing at the Federal High Court in Abuja. The outcomes of these litigations may have broader implications on Binance's operations in Nigeria and its regulatory standing globally.