In a significant development, the Nigerian government has dropped all money laundering charges against Tigran Gambaryan, an executive at Binance Holdings, who had been on trial since April. The decision comes after months of diplomatic talks between Nigerian and U.S. government officials to secure Gambaryan's release.

Gambaryan's detention in April, along with his colleague Nadeem Anjarwalla, had sparked a standoff between Nigeria and Binance. While Anjarwalla escaped, Gambaryan remained in detention at the Kuje Correctional Center in Abuja. The charges were withdrawn at the Federal High Court in Abuja, with Gambaryan's lawyer, Mark Mordi, stating that his client was not involved in the company's broader financial decisions.

The development is a relief for the tech and startup community, which had been concerned about the implications of Gambaryan's detention on international business relations. Binance CEO Richard Teng had criticized Nigeria for setting a troubling precedent by detaining the two executives.

The news is significant for the fintech and cryptocurrency industries, as Binance is one of the largest cryptocurrency exchanges in the world. The charges had raised concerns about the regulatory environment for fintech companies operating in Nigeria and globally.