In Nigeria, Binance is facing several problems. While its Chief Compliance Officer is languishing in detention, its top executive for Africa has absconded and is the subject of an international manhunt orchestrated by Interpol, at the request of the Nigerian authorities.
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Binance and its executives in the crosshairs of the Nigerian justice system
Binance finds itself caught up in a legal turmoil that could seriously undermine its activities in the West African crypto market.
On March 22, the crisis was intensified by a dramatic turn of events: Nadeem Anjarwalla, director of Binance for Africa, escaped while in the custody of the authorities in Abuja, the Nigerian administrative capital.
At the same time, another Binance executive, Tigran Gambaryan, its compliance officer, has been in the hands of the Nigerian justice system since February.
The two executives, as well as the platform itself, are in the sights of the Nigerian Economic and Financial Crimes Commission (EFCC). The charges are damning: laundering of over $35 million, illicit manipulation of exchange rates, irregular activities and operating without a license in Nigeria between 2022 and 2024.
Explosive charges that could permanently damage the reputation of Binance and hinder its development in this African country.
Nigeria launches extradition procedure via Interpol
According to the local media Punch, the Nigerian government has decided to counter-attack following the spectacular escape of Nadeem Anjarwalla. To catch the fugitive, the authorities called in the International Criminal Police Organization, Interpol to facilitate his extradition.
The extradition procedure for Anjarwalla has been initiated. The federal government is working closely with Interpol to repatriate the fugitive to Nigeria. We’re talking about an individual who has escaped from lawful custody, while his accomplice is still behind bars.
Anonymous statement from a Nigerian authority
For its part, Binance pleads for the non-liability of his compliance director, Tigran Gambaryan, who is also caught up in the Nigerian legal turmoil. In a press release published on April 3, the platform points out that Gambaryan has no decision-making powers within the company and therefore cannot be held responsible for the alleged financial crimes.
The detained agent also, taken legal action against the Nigerian authorities denouncing a violation of his fundamental rights. What’s the next twist in the tale? We’ll soon find out on Coinpri!
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.