Nigeria’s anti-corruption agency has dropped money-laundering charges against a top cryptocurrency executive to allow him to undergo treatment abroad.
Tigran Gambaryan, a US citizen, was arrested on a business trip to Nigeria in February and later charged along with his company Binance for defrauding $35.4m (£28m) – which they deny.
The 40-year-old was in charge of financial crime compliance at Binance, the world’s largest crypto exchange that Nigeria blames for much of its recent economic turmoil.
It has accused the digital platform – where investors can buy, sell and trade cryptocurrencies – of fixing exchange rates and currency speculation leading to the local currency’s free fall.
The charges against Binance, including tax evasion charges it denies, were part of a crackdown by Nigerian authorities on cryptocurrency firms in general over fears they were being used for money laundering and terrorist financing.
Mr. Gambaryan’s family has been demanding his release due to concern for his health, saying the conditions at Kuje Correctional Center – a prison in the capital, Abuja where he has been held since April – are exacerbating his back problem.
“The herniated disc in his back has become so bad that it may leave permanent damage and affect his ability to walk,” his wife Yuki said in August.
A High Court judge has refused him bail twice, saying he is a flight risk.
This followed the escape from custody of his colleague Nadeem Anjarwalla, of British and Kenyan descent who was Binance’s Africa regional manager.
He was arrested along with Mr Gambaryan in February but fled the country within two weeks of the pair’s house arrest – and is still wanted by Nigerian authorities.
According to Reuters news agency, Gambaryan’s case was postponed last Friday as he was unable to appear due to illness.
The Economic and Financial Crimes Commission (EFCC) then announced in an Abuja court on Wednesday that it was withdrawing the charge against him.
“We dropped the money laundering charges against Tigran Gambaryan to allow him to be treated outside the country,” Reuters quoted EFCC lawyer Ekele Ihenacho as saying.
Tax evasion charges brought against Binance by the Federal Inland Revenue Service are still pending in court.
Binance has also fallen foul of US regulations. Last November its founder Changpeng Zhao resigned and in April he was sentenced to four months in prison for allowing criminals to withdraw money from his platform.
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