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The Postponed Arraignment of Binance Executives in Nigeria
The arraignment of two Binance executives held against their will by Nigerian authorities has been postponed until April 19 as the country seeks criminal charges against the Nigeria crypto duo, an Abuja court hearing reveals.
Background of the Legal Case
- Binance’s head of financial crime compliance, Tigran Gambrayan, and the regional manager for Binance in Africa, Nadeem Anjarwalla, were originally detained in Nigeria’s capital in late February.
- Despite both facing charges of money laundering and operating a crypto exchange without proper licensing, only Gambrayan attended the court hearing on Thursday as Anjarwalla was able to escape captivity last month successfully.
- Judge Emeka Nwite agreed to adjourn the hearing until April 19 following news of an additional tax evasion charge against Binance.
International Involvement in the Case
The Nigerian legal delay comes just one day after news broke that the International Criminal Police Organization (INTERPOL) is working on the case in hopes of extraditing Anjarwalla to Nigeria.
On Thursday, Nigeria’s Inspector General of Police, Olukayode Egbetokun, expressed confidence in Anjarwalla’s eventual recapture, stating, “I can assure you that the suspect will be re-arrested.”
Nigeria’s Regulatory Stance on Crypto
Despite boasting the continent’s top crypto economy, Nigeria is seeking to increase its regulatory approach to digital assets by effectively banning several exchanges from the country, including Binance, Coinbase, and more.
Central Bank of Nigeria Governor Olayemi Cardoso announced that $26 billion had moved through the country via Binance in 2023 alone “from sources and users we cannot adequately identify.”
It is unclear what penalty Gambrayan and Anjarwalla could face if they are tried and convicted.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
