In a surprise move, the Federal Government of Nigeria has dropped money laundering charges against Binance executive, Gambaryan, bringing an end to a high-profile case that had sparked concerns about the regulatory environment for cryptocurrency transactions in the country.

The Federal Government withdrew the money laundering charge against detained Binance Holdings Limited executive Tigran Gambaryan due to his ill health and diplomatic intervention on Wednesday.

The News Agency of Nigeria (NAN) reports that Gambaryan was the 2nd defendant in the charge preferred against the cryptocurrency platform (1st defendant) by the Economic and Financial Crimes Commission (EFCC).

EFCC’s counsel, R. U. Adagba told Justice Emeka Nwite of a Federal High Court, Abuja, of the Federal Government’s decision to withdraw the charge against the detained employee because of his deteriorating health.

She, however, informed the court that the anti-graft agency would continue the charge levelled against the company, Binance Holdings Limited.

After listening to Adagba and the defence counsel, Justice Nwite discharged Gambaryan from the charge and adjourned the trial against the cryptocurrency firm until Nov. 22 and Nov. 25 for continuation of trial.