Binance Executives Remain in Nigerian Detention Despite Court Appearance
Two executives from Binance, the world’s largest cryptocurrency exchange, are set to remain in detention in Nigeria for at least two more weeks, following their appearance in court on Wednesday. Tigran Gambaryan, Binance’s head of financial crime compliance and a U.S. citizen, and Nadeem Anjarwalla, Binance’s regional manager for Africa and a British-Kenyan, were detained upon their arrival in Nigeria on February 26, after the country banned several cryptocurrency trading websites.
According to Reuters, the two men appeared in a Federal High Court in Abuja on Tuesday. While the court and lawyers for Gambaryan and Anjarwalla declined to comment, lawyers from the Economic and Financial Crimes Commission (EFCC) are seeking a new detention order after the initial one expired on March 12. The Binance executives are opposing this request.
Despite the EFCC’s efforts, the judge did not make a ruling on their request. The families of the detained executives stated on Wednesday that the court ruled to resume the hearing on April 5th, following arguments from both parties.
The detention of Gambaryan and Anjarwalla is part of a crackdown in Nigeria, where several cryptocurrency websites emerged as platforms for trading the Nigerian currency amid chronic dollar shortages. Binance had previously announced the cessation of all transactions and trading in Nigeria’s naira currency after March 8.
In a related development, a Federal High Court in Abuja ordered Binance Holdings Limited to provide information on all persons trading on the platform from Nigeria to the EFCC. Justice Emeka Nwite granted the interim order after ruling on an ex parte motion moved by the lawyer representing the anti-corruption body, Ekele Iheanacho.
The affidavit in support of the motion, deposed by Hamma Bello, an EFCC operative, stated that the agency received intelligence regarding alleged money laundering and terrorism financing on Binance. The EFCC began investigating the platform’s activities and uncovered users who manipulated the market, causing the Naira to lose its value against other currencies.
The detained Binance executives’ case highlights the ongoing challenges facing cryptocurrency exchanges in Nigeria and underscores the need for transparency and accountability in the digital currency space.
Sahara Reporters