Key takeaways:
- While chief executive Tigran Gambaryan, based in the United States, is still arrested in Nigeria, troubled international crypto exchange Binance is having further problems.
- Platforms like Binance should be prohibited in the nation, according to the presidential advisor on information and strategy, Bayo Onanuga.
While chief executive Tigran Gambaryan, based in the United States, is still arrested in Nigeria, troubled international cryptocurrency exchange Binance is having further problems.
According to a Wall Street Journal report published on April 3, Nigeria has filed more accusations against Binance despite the exchange’s efforts to communicate with regional officials.
Since local officials held Binance accountable for the collapse of Nigeria’s fiat currency, the naira, in February 2024, the cryptocurrency exchange has proactively collaborated with Nigerian authorities.
Platforms like Binance should be prohibited in the nation, according to the presidential advisor on information and strategy, Bayo Onanuga.
Two senior executives from Binance, Nadeem Anjarwalla and Gambaryan, traveled to Nigeria in reaction to the threat of the ban to start a conversation with the local government.
Even after Binance immediately removed all naira transactions from its database and ceased peer-to-peer naira transactions in February, both individuals remained in custody.
The WSJ article on the fresh accusations coincides with Binance’s latest statement pleading with Nigerian authorities to release Gambaryan.
According to the exchange, the executive has “decision-making power” at the company and shouldn’t be held accountable while Binance and Nigerian government representatives are still in communication.
Another co-accused Binance executive, Anjarwalla, is said to have used a forged passport to leave Nigeria in March, while Gambaryan is still detained there.
Local sources state that on March 22, Anjarwalla escaped from custody after being brought to a neighboring mosque for prayers.
The local online daily Nairametrics reported on April 2 that the Economic Financial Crime Commission (EFCC), Nigeria’s law enforcement body, is getting ready to prosecute Gambaryan and Anjarwalla with five charges of money laundering of more than $35.4 million on April 4.
The EFCC intends to arraign Anjarwalla in absentia; Gambaryan and Anjarwalla are identified as the first and third defendants in the report.
Despite this, the cryptocurrency exchange company is named as the first defendant, followed by Anjarwalla and Gambaryan. The Federal High Court in Abuja’s Justice Emeka Nwite is expected to preside over the arraignment of Gambaryan, Anjarwalla, and Binance.
