Binance Executive Escapes Custody Amid Nigeria’s Crypto Crackdown

Amid Nigeria’s ongoing crackdown on cryptocurrency platforms, a senior executive of Binance, a major cryptocurrency exchange, has reportedly escaped custody, sparking concerns and intensifying the country’s efforts to apprehend the suspect.

Nadeem Anjarwalla, Binance’s regional manager for Africa, managed to flee Nigeria using a smuggled passport, according to authorities from Nigeria’s National Security Adviser’s office. Anjarwalla, who holds dual British and Kenyan citizenship, had been detained in Nigeria since February 26, along with a colleague, Tigran Gambaryan, an American citizen.

The detention of Binance executives came following accusations of the platform’s involvement in money laundering and terrorism financing. Despite these allegations, Binance has denied any wrongdoing. The situation escalated further when Binance halted trading with the Nigerian naira currency on its platform in response to the regulatory crackdown.

Anjarwalla’s escape from custody raises questions about the security measures in place and the circumstances surrounding his departure. Reports suggest that he fled from a guest house in Abuja, Nigeria’s capital, after guards escorted him to a nearby mosque for prayers.

Authorities have launched a thorough investigation into the incident, including the arrest of personnel responsible for Anjarwalla’s custody. The National Security Adviser’s office has called for assistance from the public to help apprehend the escaped executive.

In addition to the escape, Nigeria’s tax agency has filed charges against Binance for tax evasion, accusing the platform of aiding customers in evading taxes. The Federal Inland Revenue Service has alleged that Binance failed to issue invoices for VAT purposes, hindering tax determination and payment by subscribers.

As the situation unfolds, Binance executives are scheduled to appear in court on April 4, according to authorities. The escape of Anjarwalla underscores the challenges faced by regulators in the rapidly evolving landscape of cryptocurrency, highlighting the complexities of enforcement in the digital realm.

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