Binance, a troubled global cryptocurrency exchange, continues to encounter difficulties in Nigeria, where one of its U.S. executives, Tigran Gambaryan, remains detained. Despite the exchange's efforts to engage with local regulators, more charges have been filed against Binance in Nigeria, as reported by The Wall Street Journal on April 3.
Since February 2024, when local regulators blamed Binance for the collapse of Nigeria's fiat currency, the naira, the exchange has been actively cooperating with Nigerian authorities. However, the situation escalated when Presidential Adviser on Information and Strategy, Bayo Onanuga, proposed banning platforms like Binance in the country.
In response to the looming ban threat, two Binance executives, including Gambaryan and Nadeem Anjarwalla, traveled to Nigeria in an attempt to initiate dialogue with the local government. Despite Binance's urgent actions, such as delisting all naira trading and halting peer-to-peer naira trading, the executives remained detained.
As Gambaryan continues to be held in Nigeria, it was reported that his co-accused, Binance executive Anjarwalla, fled the country in March using a fake passport. Anjarwalla reportedly escaped custody on March 22 while being taken to a nearby mosque to pray, according to local reports.
The Economic and Financial Crimes Commission (EFCC) of Nigeria is preparing to charge Gambaryan and Anjarwalla with five counts of money laundering involving over $35.4 million on April 4. Despite their efforts to engage with Nigerian authorities and ongoing discussions, Binance emphasized that Gambaryan, who held decision-making authority at the company, should not be held liable.
The arraignment of Gambaryan, Anjarwalla, and Binance is set to take place at the Federal High Court in Abuja, presided over by Judge Emeka Nwite. Despite the challenges faced by Binance in Nigeria, the exchange continues its efforts to address regulatory concerns and resolve the situation with local authorities.
