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Here is what we prepared for you all, crypto lovers:
- Nigerian Authorities need a helping hand to arrest someone they consider a fugitive.
- This someone is Africa’s regional head at Binance Exchange, Nadeem Anjarwalla.
- Nigeria is the first state in Africa to blame an exchange for its national currency’s devaluation.
- Nadeem escaped detention on 22nd March, after being kidnapped by Nigerian authorities.
Related: Nigeria’s cNGN Stablecoin: A Mere Addition to the Crypto?
Nigeria vs Binance Executives
The federal government of Nigeria has liaised with the International Criminal Police Organization (Interpol) in seeking the extradition of Nadeem Anjarwalla, a Africa’s regional manager for Binance after he escaped detention and fled the country.
According to local press, the West African country’s financial watchdog, The Economic Financial Crimes Commission (EFCC) has also partnered with the Federal Bureau of Investigation (FBI) and the government of Kenya to secure Anjarwalla’s arrest to answer allegations of money laundering in court.
The Unlawful Arrest and Detainment of the Binance Chiefs
On March 12, Wired wrote a Binance executive and an ex-crypto-focused U.S. Federal agents had been held in Abuja and stripped of their passports. As per the report, the two were detained while Nigerian authorities conducted investigations into Binance Exchange’s conduct in the country.
As part of these investigations, the authorities were demanding the exchange to provide information about Nigeria’s top 100 crypto users, as well as their transaction history in the previous 6 months. But all this time that Anjarwalla and Tigran Gambaryan spent in detention, no single charge was brought against them unless for a court order requested by the EFCC to extend the detention.
Previous reports indicate the two had only arrived in the country after authorities invited Binance for talks that would help address an ongoing dispute that dates way before the exchange delisted the Nigerian Naira.
Apparently, Nigeria had previously accused Binance of facilitating foreign exchange manipulation which led to a devaluation of Naira. On the other hand, the exchange said Nigeria’s crypto regulations were evolving and very volatile but did not mention whether both reasons led to its delisting of the Naira.
Anjarwalla’s Escape from Custody has been Hailed as ‘Daring and Bold”
After the arrival of Gambaryan and Anjarwala, officials took them to an undisclosed guesthouse, seized their passports, and held them for weeks. On 22nd March 2024, reports surfaced online that Anjarwalla had allegedly escaped custody after guards escorted him to a nearby mosque for prayers.
The regional head of Africa at Binance holds dual Kenyan and British citizenship, hence it is believed he used his Kenyan passport for boarding a Middle East airliner since authorities had seized his British passport.
On the same day, the EFCC filed charges of money laundering against Binance Holdings Limited, Mr.Gambaryan and Mr.Anjarwalla. As per filings, the entities had laundered funds to the tune of $35,400,000.In addition, the Nigeria Federal Inland Revenue Service (FIRS) charged the exchange, and the two executives with tax evasion.
Food for Thought!
But just a question, is it okay for a government to invite company officials for a talk and then end up kidnapping them? And for Mr. Gambaryan and Anjarwall, why are they even stuck in an intense dispute between an aggrieved government and a cryptocurrency exchange? The trajectory of the case has not sat well with the majority of Twitter, some of them calling the Nigerian government a failed system using everyone that crosses their path as a scapegoat for its problems.
Before coming to Binance, Tigran Gambaryan was a federal agent who became popular for leading landmark investigations against dark-web drug dealers, money laundering, cryptocurrency thieves, and blockchain-funded child exploitation syndicates. Now at Binance, he is on the receiving end of what he would have probably battled in his former position. The ex-federal agent has already filed charges against the Nigerian government for violation of fundamental human rights, including the seizing of his U.S passport which contraven Nigeria’s constitution.
Unlawful Abduction by State Instruments is a Thing in the West African Country
Apparently, several sources claim Nigeria’s federal government is notorious for kidnapping individuals using its various state agencies like the tax authority. For example, in 2021, Nigerian officials abducted a prominent opposition leader who fled the country for Kenya. The Guardian reported in 2022 that the abduction and kidnapping of Mr. Nnamdi Kanu happened with the help of Kenyan authorities. This led to a massive uproar in Nigeria because international laws prohibit the abduction of anyone in a foreign country due to their rendition of justice.
More Info:
- Binance’s Transition: Swapping BUSD for FDUSD;
- Euro-Backed Stablecoin Launches on Avalanche Blockchain Platform by Circle;
- Binance’s to Pay $4.3 Billion to U.S.
Meanwhile, a Nigerian court ordered the leading cryptocurrency exchange to provide customer details of all its customers in the nation, an estimated 13 million users. In the meantime, it begs the question – is it Binance or crypto that Nigeria is fighting?
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