Detained Binance executive escapes from Nigerian custody amid tax evasion charges Detained Binance executive escapes from Nigerian custody amid tax evasion charges
The Nigerian authorties have charged Binance with tax evasion.
2 min read
Updated: Mar. 25, 2024 at 10:34 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance confirmed to CryptoSlate that Nadeem Anjarwalla, one of its executives detained by the Nigerian authorities, has escaped custody.
A Binance spokesperson said:
“We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue.”
Meanwhile, Tigran Gambaryan, the other detained Binance executive and US citizen, remains in custody of the authorities.
Amid this development, the Nigerian authorities have reportedly levied a four-count tax evasion charge and complicity in tax fraud against Binance Holdings and the detained executives. The case is pending trial at the Federal High Court.
How Anjarwalla escaped
Anjarwalla, holding dual citizenship from Kenya and the UK, reportedly absconded on March 22 during Friday prayers at a mosque in Abuja.
According to the report, Anjarwalla used a Kenyan passport to board a flight operated by an unnamed Middle Eastern airline.
The authorities are puzzled over how Anjarwalla obtained this new passport, especially since he possessed no travel documents except his British passport when taken into custody.
There are suggestions that Anjarwalla might have planned his escape, leveraging certain privileges granted to him during detention, such as access to telephones.
While Nigerian authorities have not yet released an official statement, there are speculations of ongoing covert operations to ascertain his destination and facilitate his return to custody.
Binance vs Nigeria
This development further complicates the ongoing tensions between Nigeria and Binance, the largest crypto exchange by trading volume.
Recently, Nigerian authorities have accused Binance of exacerbating the country’s foreign exchange challenges by allegedly manipulating rates for personal profit. This led to the exchange’s official website being blocked and the detention of the two senior executives who attempted to address the concerns.
Notably, a High Court directed Binance to provide the Economic and Financial Crimes Commission (EFCC) with data related to Nigerian users on its platform. However, the crypto trading platform has yet to comply with this directive.
Meanwhile, the detention of these executives sparked widespread condemnation from international crypto organizations, particularly in the United States and Kenya, who criticized the actions of the Nigerian government.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.