According to a recent report from a Nigerian media outlet, Nigeria’s Economic and Financial Crimes Commission (EFCC) is cooperating with Interpol, the FBI, and the British and Kenyan governments to secure the arrest and extradition of Anjarwalla.
An anonymous source revealed the extradition efforts aim to bring Anjarwalla back to Nigeria to face his money laundering charges in court.
No formal charges were filed against Anjarwalla and Gambaryan initially. However, these two Binance executives were detained for 14 days under a court order at the EFCC’s request.
Following Anjarwalla’s escape from custody, the Nigerian authorities filed five money laundering charges against Binance Holdings Limited, Anjarwalla himself, and Tigran Gambaryan. The charges allege that they laundered a total of $35,400,000.
Nigeria was previously known as a leader in African cryptocurrency adoption. The country is also among the pioneers to pilot a Central Bank Digital Currency (CBDC) initiative. While the country’s economic shift has pushed citizens to seek refuge in cryptocurrencies, it also propels them to abandon their local currency.
Faced with dwindling foreign currency reserves, Nigeria is reportedly tightening controls to limit capital outflow. This includes raising taxes on foreign workers and increasing scrutiny of cryptocurrency transactions.
Binance’s relationship with Nigerian authorities has been strained for some time. In mid-2023, the Securities Commission dealt a blow by accusing the exchange of operating without a license.
Not only in Nigeria, the exchange has also encountered regulatory roadblocks in other countries. Binance has faced a wave of legal repression on a global scale from countries including the UK, Netherlands, Belgium, Cyprus, Brazil, Austria, France, Germany, and Australia. Despite its recent settlement with the US DOJ and CFTC, Binance’s legal dispute with the SEC is still unresolved.
While unsuccessfully getting headways with these countries, Binance has expanded elsewhere. The exchange announced its official return to Japan under a new subsidiary as the country became more welcoming to the crypto industry. Binance also secured the first crypto trading platform license in Dubai.
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Author: Nicholas Say
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