Key Takeaways:
- Nadeem Arjarwalla, a Binance executive, is facing extradition from Kenya to Nigeria to respond to charges involving alleged financial misconduct and manipulation of the Nigerian naira.
- Arjarwalla escaped from Nigerian custody using a Kenyan passport to flee to Kenya, despite being detained and his UK passport held by Nigerian authorities, which raises questions about the circumstances of his flight.
- Binance halted all transactions involving the Nigerian naira and removed naira trading pairs from its platform in response to allegations of illicit transactions highlighted by the Central Bank of Nigeria.
The Nigerian government is currently working with Interpol and Kenyan authorities to extradite Nadeem Arjarwalla, a Binance executive who was found in Kenya after escaping custody in Nigeria.
This operation aims to have Arjarwalla answer charges related to allegations of financial misconduct.
Binance Executive Nadeem Anjarwalla, detained in Nigeria on suspicion of embezzling Ksh4.6 billion, has been traced to Kenya pic.twitter.com/Qik8SXxuLM
— Kenyans.co.ke (@Kenyans) April 13, 2024
Arjarwalla, who initially arrived in Nigeria in February, faced accusations that the cryptocurrency exchange he represented was involved in manipulating the Nigerian naira.
Following a meeting with Nigerian officials, he was detained alongside another Binance executive.
They were charged with five counts of money laundering by Nigeria’s Economic and Financial Crime Commission (EFCC).
JUST IN: The Binance Executive, Nadeem Anjarwalla that escaped
— Nigeria Stories (@NigeriaStories) April 13, 2024
Custody has been found in Kenya pic.twitter.com/hS0jyzUMAa
However, on March 22, Arjarwalla managed to flee. He boarded a flight from Abuja using a Kenyan passport, although his UK passport—which he had used to enter Nigeria—was still held by Nigerian authorities.
The circumstances of how he managed to board this flight remain unclear, raising questions about his acquisition of the Kenyan passport while under custody without any other travel documents.
While Arjarwalla has evaded local authorities, the other detained Binance executive, Tigran Gambaryan, has pleaded not guilty to the charges.
Fleeing Binance Executive, Anjarwalla reportedly found in Kenya as Nigerian govt commences extradition. pic.twitter.com/8iM93oj8cL
— YabaLeftOnline (@yabaleftonline) April 13, 2024
Despite being in detention for several weeks, support for Gambaryan has grown, with his wife initiating a petition that has garnered over 3,000 signatures, pushing for his release and return to the United States.
His court proceedings have been postponed to April 19.
In response to the mounting legal pressures and operational challenges, Binance declared on March 5 its decision to halt all transactions involving the Nigerian naira and subsequently removed all naira trading pairs from its peer-to-peer platform by the end of February.
Nigerian government says Binance executive, Nadeem Anjarwalla, who escaped custody in Nigeria, has been found in Kenya.
— Ayekooto (@DeeOneAyekooto) April 13, 2024
A source in the presidency, who preferred anonymity, confirmed the development as the Economic and Financial Crimes Commission, the International Criminal… pic.twitter.com/HzQxwds6Fr
This move came shortly after the governor of the Central Bank of Nigeria highlighted concerns over potential illicit transactions and suspicious financial flows involving crypto exchanges, specifically naming Binance.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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