“Escalating Binance Dispute: British-Kenyan Executive Nadeem Anjarwalla Escapes Custody in Nigeria”

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"Escalating Binance Dispute: British-Kenyan Executive Nadeem Anjarwalla Escapes Custody in Nigeria"

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The Nigerian authorities have reported the escape of Nadeem Anjarwalla, an executive from the cryptocurrency firm Binance, while in custody. Anjarwalla, who holds British-Kenyan dual nationality, was detained in February alongside his US colleague Tigran Gambaryan as part of an investigation into alleged wrongdoing by Binance.

According to Nigerian officials, Anjarwalla fled the country using a “smuggled passport,” although a family source has disputed this claim, stating that he departed through “lawful means.” The Office of the National Security Adviser (ONSA) has announced efforts to obtain an international arrest warrant for Anjarwalla in collaboration with Interpol.

Binance has refrained from commenting on the accusations it faces. A spokesperson stated, “We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees, and we are working collaboratively with Nigerian authorities to quickly resolve this issue.”

Anjarwalla, serving as Binance’s Africa regional manager, and Gambaryan, responsible for financial crime compliance, were arrested following meetings in Abuja, Nigeria’s capital, upon invitation by the government. The authorities purportedly requested information about Nigerians trading on Binance’s platform.

While a court initially granted the Economic and Financial Crimes Commission’s request to detain the executives for 14 days, their prolonged detention lacked authorization, as confirmed by a source close to their families. They were scheduled to appear in court early the following month.

The ONSA disclosed that personnel responsible for Anjarwalla’s custody have been apprehended, with investigations underway to ascertain the circumstances surrounding his escape.

Reports suggest that Anjarwalla requested permission to attend a mosque from the guest house guards where he was held, yet failed to return. His British passport was allegedly confiscated, while the whereabouts of his Kenyan passport remain unknown. Meanwhile, Gambaryan remains in custody.

Additionally, Nigerian authorities have formally charged Binance with tax evasion at the High Court in Abuja, listing Anjarwalla among the respondents. The Federal Inland Revenue Service accuses the cryptocurrency platform of various tax-related offenses.

Last month, Nigerian authorities intensified scrutiny on cryptocurrency firms, alleging involvement in money laundering and terrorism financing. The central bank claimed over $26 billion worth of transactions passed through Binance from untraceable sources, leading to a devaluation of the naira. Consequently, the central bank imposed a hefty fine on Binance.

Amidst these developments, Binance, known as one of Nigeria’s leading cryptocurrency platforms, finds itself entangled in legal and regulatory challenges. Nigeria, Africa’s largest economy, grapples with economic instability exacerbated by currency devaluation, soaring living costs, and food inflation.