Kenyan authorities have recently captured Nadeem Anjarwalla, a Binance executive, who is being sought by the Nigerian government. Anjarwalla is facing charges of tax evasion in Nigeria, and local media reports suggest that he is set to be extradited within the week. This arrest comes after a joint operation involving various agencies, including the EFCC, Nigeria Police Force, Kenya Police Service, FBI, and INTERPOL, successfully located him in Kenya.
Anjarwalla, who serves as Binance Africa’s regional manager, along with another executive, Tigran Gambrayan, got entwined in legal problems in Nigeria earlier this year. The Nigerian authorities detained them due to their connections with the crypto exchange. However, Anjarwalla managed to escape legal custody in March using a Kenyan passport, leading to a significant conflict between Binance and Nigerian authorities. Gambrayan, who remains detained in Nigeria, is facing charges of tax evasion as well.
The tax evasion case against the Binance executives has faced delays in Nigerian courts. The proceedings were adjourned twice because the exchange was not formally served with the charges. A judge is expected to rule on the matter by May 17. Binance CEO Richard Teng has expressed willingness to cooperate with Nigerian authorities in resolving the issue but has not disclosed specific efforts to secure the release of the detained executives.
Efforts to secure the release of Gambrayan have also faced obstacles. A federal high court in Abuja postponed his bail application hearing, and he is currently held at the Kuje correctional center. The legal saga unfolding around the extradition and trial of the Binance executives highlights the complexities of international legal cooperation and the challenges faced by multinational corporations operating in the blockchain and cryptocurrency space.
The extradition of Nadeem Anjarwalla and the legal troubles facing Binance executives in Nigeria underscore the importance of compliance with tax laws and regulations in the cryptocurrency industry. The ongoing conflict between Binance and Nigerian authorities serves as a cautionary tale for other companies operating in the digital asset space. It also highlights the need for enhanced cooperation between different jurisdictions to address cross-border financial crimes effectively.