Despite efforts to engage with local regulators, troubled cryptocurrency exchange Binance faces further challenges in Nigeria as its United States-based executive Tigran Gambaryan remains detained in the country.
Nigeria has introduced additional charges against Binance amid ongoing dialogue attempts between the exchange and local regulators. The exchange has been accused of contributing to the crash of the Nigerian naira in February 2024.
Presidential adviser Bayo Onanuga suggested banning platforms like Binance in response to the alleged role in the currency crash.
Two senior Binance executives, including Gambaryan and Nadeem Anjarwalla, were detained in Nigeria despite the exchange’s efforts to cooperate with authorities. Binance had urgently delisted all naira transactions and stopped peer-to-peer naira transactions in February.
Binance has urged Nigerian authorities to release Gambaryan, emphasizing his role in ongoing discussions between Binance and government officials. However, Anjarwalla reportedly escaped the country using a fake passport in March.
Nigeria’s law enforcement authority, the Economic Financial Crime Commission (EFCC), is preparing to press charges against both executives for alleged money laundering amounting to over $35.4 million.
Gambaryan and Anjarwalla are listed as defendants in the case, with the EFCC planning to arraign Anjarwalla in absentia. Justice Emeka Nwite of the Federal High Court in Abuja is expected to preside over the arraignment.
Binance has been approached for comment on the new charges but has not responded at the time of publication.
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