Two high-ranking executives from Binance, the world’s leading cryptocurrency exchange, will remain in Nigeria detention for at least two more weeks in Nigeria after appearing in court for the first time on WednesdayÂ
Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan who is Binance’s regional manager for Africa, flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites and were detained on arrival on Feb. 26.
Caught Amid a Crypto Crackdown
Gambaryan and Anjarwalla’s detention appears linked to a recent Nigerian crackdown on cryptocurrency trading platforms. Nigeria has been grappling with chronic dollar shortages, and cryptocurrency emerged as a popular alternative for some citizens. The government’s response has been a series of restrictions on crypto activity.
The executives’ initial detention order expired on March 12th, 2024. However, Nigeria’s Economic and Financial Crimes Commission (EFCC) requested a court order to extend their detention. Gambaryan and Anjarwalla are contesting this request.
A court hearing will determine the fate of the two executives. While details surrounding the charges against them remain unclear, their families released a statement indicating they attended the hearing and expect a decision on that date.
“At the court hearing in Abuja today, which was attended by Tigran and Nadeem, the court ruled that after hearing arguments from both parties, they would resume the session on April 5th,” the families of the two executives said in a statement.
Binance Shuts Down Naira Transactions
In a separate development, Binance announced earlier this month that it would cease all transactions and trading in Nigeria’s naira currency, effective March 8th, 2024. This decision coincides with the ongoing legal battle surrounding the executives’ detention.
The detention of Binance executives and the company’s suspension of naira transactions raise questions about the future of cryptocurrency in Nigeria. The government’s stance on crypto remains unclear, and further regulatory actions are a possibility.
While the outcome of the legal battle involving the Binance executives remains to be seen, it has undoubtedly cast a shadow over the cryptocurrency landscape in Nigeria. The coming weeks may offer more clarity on the fate of crypto trading in the country.
Source: Reuters
