Binance Executives Arrested in Nigeria’s $26B FX Crisis; Court Hearing Scheduled for March 20th

Tigran Gambaryan and Nadeem Anjarwalla, two executives from Binance, are currently being held by Nigerian authorities on allegations of causing the country’s currency to crash. In six days, a court hearing will take place, attracting international attention.

Detention and Allegations
On February 26, Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, and Nadeem Anjarwalla, the exchange’s Africa Regional Manager, Nigeria, were arrested after receiving an official invitation from the government.

Despite not being formally charged, the two Binance executives were detained for two weeks following an order from the Abuja High Court on February 28.

Last year, the Central Bank of Nigeria uncovered $26 billion in untraceable funds movement through the Binance Nigeria platform, which exacerbated the country’s foreign exchange crisis. The government views Binance’s operations as one of the factors contributing to the issue of capital outflows and the depreciation of the Naira.

Response
U.S. and U.K. officials have visited the detained Binance executives, and the upcoming hearing on March 20th is drawing near. Binance reiterated its cooperation with Nigerian authorities, emphasizing their efforts to ensure the safe return of Nadeem and Tigran to their families. This situation involves both national security and the global cryptocurrency industry.

In summary…
The situation remains fluid leading up to March 20th, with all parties closely monitoring the legal proceedings and diplomatic initiatives. The court hearing will address the arrest and detention of Binance executives in Nigeria on charges related to currency destabilization.

Tags
Binance
Crypto news