On October 23, the Nigerian Economic and Financial Crimes Commission (EFCC) officially withdrew all charges against Binance Holdings executive Tigran Gambaryan, who had been detained since February 2024. 

 "Big relief for Binance, but this case highlights the regulatory challenges in the crypto space," crypto analyst InvestingHaven said about the development on October 23 on X.

Gambaryan, a U.S. citizen, had been arrested upon arrival in Nigeria as part of an investigation into allegations that Binance contributed to the volatility of Nigeria’s local fiat currency. However, authorities clarified that Gambaryan had no involvement in the financial decisions or actions that led to the charges, and said that Gambaryan was simply an employee of Binance.

Justice Emeka Nwite of the Federal High Court in Abuja approved the case dismissal, ending an eight-month legal ordeal for Gambaryan. 

His detention had sparked international attention, including calls from a group of 18 U.S. attorneys general urging President Joe Biden and Secretary of State Antony Blinken to classify his detention as an extortion attempt against Binance.

During his detention, Gambaryan’s health deteriorated. Reports indicated that he suffered from malaria, pneumonia, tonsillitis, and a herniated disc, confining him to a wheelchair.

According to a 2024 report by the Foley Foundation, as of mid-2024, there are 46 U.S. nationals wrongfully detained or held hostage across 16 countries. Almost 8 in 10 U.S. nationals that are captive are detained wrongfully by foreign governments, according to the report.