The unfolding scandal involving Binance executive Nadeem Anjarwalla has taken a new turn with his extradition from Kenya after escaping custody in Nigeria. The manhunt initiated in Nigeria eventually led the authorities to Kenya, where Anjarwalla’s whereabouts were finally discovered. The Nigerian government, in collaboration with Interpol and Kenyan authorities, is now working towards extraditing him back to Nigeria to face charges related to the alleged manipulation of the Naira and the facilitation of illicit funds transactions through Binance.
Anjarwalla’s escape from Nigeria, despite his U.K. passport being held by Nigerian authorities, has raised eyebrows on the circumstances surrounding the acquisition of a Kenyan passport that allowed him to flee the country. The ongoing investigations involving various agencies like the police, the military, the Department of State Services, and the National Intelligence Agency aim to shed light on this mystery. Soldiers responsible for monitoring Anjarwalla are also being interrogated as part of the process.
Meanwhile, another Binance executive, Tigran Gambaryan, remains in custody in Nigeria and is awaiting further legal proceedings. Gambaryan’s wife has launched a petition to bring him back to the United States, gathering significant support in the process. Despite pleading not guilty, Gambaryan faces charges in connection to the controversial activities allegedly carried out by Binance. The company, on the other hand, argued that Gambaryan held no decision-making power, attempting to secure his release on these grounds.
The repercussions of this scandal have already been felt by Binance, with the suspension of all naira transactions on March 5 and the removal of naira trading pairs from its platform. The company’s decision to exit the Nigerian market came in response to the government’s crackdown on suspected money laundering activities, primarily targeting individuals using Binance for illicit purposes. Cryptocurrency websites, including Binance, had gained popularity in Nigeria, exacerbating the country’s currency challenges and drawing scrutiny towards the exchange.
The Economic and Financial Crimes Commission (EFCC) took charge of the investigation, bringing charges against Binance Holdings Limited, Gambaryan, and Anjarwalla. The Central Bank of Nigeria, represented by Olayemi Cardoso, had previously expressed worries about crypto exchanges enabling illicit transactions totaling over $21.6 billion in the country. As the legal battles continue and the regulatory landscape evolves, the fate of Binance and its executives hangs in the balance, shaping the future of cryptocurrency exchanges in Nigeria.
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