Jockey Darryll Holland has been released without charge following his arrest over allegations of passing counterfeit cash in Cyprus.
The former champion apprentice Flat jockey was arrested with a friend in the Kyrenia area of northern Cyprus last week.
Holland had maintained his innocence following the arrest and was backed by his manager Peter Merchant.
The 37-year-old is now free to return to the UK.
It is understood the police were investigating the alleged use of counterfeit US dollars.
Kevin Darley, chief executive of the Professional Jockeys Association, told the Racing Post: "I am very pleased that this matter has been resolved, and Darryll will be on his way back to Britain as soon as possible."
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