Binance Executives Still in Nigeria Custody After Court Appearance

Joshua Ramos
Source – Binance

Two Binance executives remain in custody in Nigeria following their court appearance, according to a Reuters report. The two executives from the cryptocurrency exchange are said to be held in detention for two more weeks after making a court appearance this week.

The executives’ families have said their detention is sustained despite not being charged with a crime. Tigran Gambaryan, Binance’s head of financial crime compliance and US citizen, is being held along with Nadeem Anjarwalla, the exchanges regional manager in Africa and a British Kenyan. The two flew to Nigeria after the country banned crypto trading websites on February 26th.

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Source: Financial Times

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Binance Executives Held in Nigeria Despite Not Facing Charges

Since the end of 2023, cryptocurrency exchange Binance has faced a plethora of legal troubles. Following its fine payment of $4 billion to the United States, it has found further issues regarding operations in a plethora of regions. That culminated in the recent detention of several company executives in Nigeria amid the country’s crypto crackdown.

Now, two of those Biinance executives are reportedly being held in Nigeria, according to Reuters. However, the families of the executives have noted the detention has persisted despite the absence of criminal charges. Both men had appeared in a Federal High Court in Abuja Tuesday, with both lawyers refusing to comment.

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At the hearing, the court heard arguments from both sides. The court decided “they would resume the session on April 5th,” according to the families. The company and the executives were caught in a country-wide crackdown on the industry. Especially as the nation challenged ongoing currency depreciation against the dollar.

Since then, Binance has announced that all transactions and trading in Nigeria’s naria will cease after March 8th. However, the exchange has not responded to inquiries regarding the executive’s status in Nigeria.

Lawyers from the Economic and Financial Crimes Commission (FCC) have asked the court for a renewed detention order. The Binacn executives have opposed the request, with the previous one having expired on March 12th. The court has yet to rule on the FCC petition.