Binance Executive Avoids Nigeria Detention

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Binance’s Africa Regional Manager, Nadeem Anjarwalla, managed to avoid detention in Abuja, Nigeria’s capital, where he and Tigran Gambaryan, the exchange’s head of financial crime compliance, were reportedly being held hostage. Anjarwalla escaped during a visit to the mosque for prayers, taking advantage of the ongoing Ramadan Fast.

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Details about how he managed to escape are still unknown. However, it’s reported that he left the country on a Middle Eastern airline. Anjarwalla holds both British and Kenyan citizenship, and his destination is currently undisclosed. As of now, the consequences of his escape are uncertain.


Binance Executives Held in Custody in Nigeria

In February, Binance executives arrived in Abuja to address allegations by the country’s anti-graft agency regarding currency manipulations and other charges. Since their arrival on Feb. 26, both Nadeem Anjarwalla and Tigran Gambaryan have been detained without any indication of imminent release.

Despite not facing personal charges, both executives appeared in court on March 19. A federal judge is yet to make a ruling on the Economic and Financial Crimes Commission’s (EFCC) request for an extended detention.

 

Escaping Detention: Uncommon Move in Crypto

The daring escape from detention by Nadeem Anjarwalla could further complicate the already tense relationship between Binance and Nigerian authorities. This development is particularly noteworthy considering that such actions are rare within the crypto ecosystem.

Nigeria, recognized as the largest market for digital currencies in Africa, holds significant importance for Binance in maintaining its dominance both continentally and globally.

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It’s worth noting that other prominent figures in the crypto world, such as Sam Bankman-Fried (SBF), former CEO of FTX Derivatives Exchange, and Do Kwon, former CEO of Terraform Labs, have faced detention and even prison time recently. However, unlike Anjarwalla, neither of them attempted an escape despite facing potentially longer jail terms due to fraud charges.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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