Nigeria Targets Binance After An Executive Flees Custody

Nigeria has taken legal action against cryptocurrency platform Binance, filing tax evasion charges and seeking an international arrest warrant for the company’s regional manager for Africa.

After An Executive Flees Custody Nigeria Targets Binance
After An Executive Flees Custody Nigeria Targets Binance

Nigeria Files Tax Evasion Charges Against Binance

The manager, Nadeem Anjarwalla, a British Kenyan, fled custody last week amid an ongoing criminal investigation into Binance’s activities in Nigeria. Nigerian authorities are collaborating with Interpol to locate Anjarwalla after his escape on Friday.

Binance, the world’s largest cryptocurrency exchange, acknowledged Anjarwalla’s departure from Nigerian custody and stated that it is cooperating with authorities to address the situation.

Anjarwalla and Tigran Gambaryan, Binance’s head of financial crime compliance, were detained upon their arrival in Nigeria on 26 February following the country’s ban on several cryptocurrency trading websites.

Despite efforts by Nigerian authorities to extend their detention, the warrant under which Anjarwalla and Gambaryan were initially detained expired on 12 March.

Binance Announced the Suspension of All Transactions

Anjarwalla reportedly left Nigeria lawfully, according to a representative speaking on their behalf, asserting that they were being held unlawfully.

Meanwhile, Nigeria’s Federal Inland Revenue Service (FIRS) has filed a case in Abuja, accusing Binance of four counts of tax evasion, including non-payment of VAT and company income tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.

Binance has yet to respond to the tax charges. Earlier this month, Binance announced the suspension of all transactions and trading in Nigeria’s local currency following a government crackdown on crypto exchanges.

The company cited regulatory concerns and announced the automatic conversion of remaining Nigerian naira balances into tether, a stablecoin pegged to the US dollar.



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