- The Binance Nigeria regulatory tussle has continued to escalate.
- One of the detained Binance executives has escaped custody.
- The escape has triggered official charges against the exchange.
Binance, the world’s largest crypto exchange, has recently come under the ire of the Nigerian government following a year-long regulatory tussle with global financial authorities. Earlier this month, the government forced the exchange to suspend all naira-related services following a lengthy conflict on the manipulation of the country’s local currency.
Despite Binance’s efforts to negotiate a resolution, local authorities intensified the crackdown on the exchange, resulting in the detention of two of the exchange’s executives. After nearly four weeks in captivity, one of the Binance executives has broken free.
Binance Nigeria Saga Escalates into Jail Break
According to local media on Monday, March 25, Binance Africa regional manager Nadeem Anjarwalla escaped from the FCT-based Nigerian custody where he and his colleague Tigray Gambaryan were being held.
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The escape reportedly occurred on Friday, March 22, 2024, when guards on duty escorted Anjarwalla to a praying house for Ramadan prayers. The 38-year-old Binance executive, a British Kenyan, allegedly fled to a Nigerian airport and exited the country via a Middle East airline.
Anjarwalla’s means of escape have remained unclear, particularly considering local authorities’ reported confiscation of his British passport and other travel documents. According to Premium Times Nigeria, an Immigration official asserted that Anjarwalla fled Nigeria using his Kenyan passport. The official added that an investigation is underway to unravel how he obtained the passport, given that the document was not in his possession when he was taken into custody.
The escape and broader intensifying saga have triggered a slew of charges against the exchange, as the government officially named both executives and the organizations as perpetrators of tax evasion.
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The second Binance executive, Tigray Gambaryan, remains in custody. Binance has previously asserted ongoing efforts to facilitate the executives’ return home.
To further understand the tussle between Binance and the Nigerian government, read here:
Binance Nigeria User Data Hunt Escalates with Court Order
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