Binance Holdings Ltd. has reported that Nigerian authorities have dropped certain criminal charges against one of its executives, who has been detained in the country since April.
According to a spokesperson from Binance, Nigeria’s Federal Inland Revenue Service amended the charges on Friday, resulting in the dismissal of accusations related to tax fraud against the executive.
The spokesperson clarified that the executive is not a decision-maker at Binance, indicating that his detention isn’t necessary for resolving issues with the Nigerian government. The executive still faces charges of money laundering and currency speculation from a separate agency.
Nigeria has refuted claims of wrongful detention from US lawmakers regarding the detained executive, who is a US citizen. Gambaryan, the executive, was initially charged with tax evasion, currency speculation, and money laundering totaling $34 million by the Economic and Financial Crimes Commission.
