TWO executives from Binance, the world’s leading cryptocurrency exchange, are set to remain in detention in Nigeria for at least two additional weeks, as confirmed by their families following a court appearance on Wednesday.
Tigran Gambaryan, Binance’s head of financial crime compliance and a US citizen, along with Nadeem Anjarwalla, Binance’s regional manager for Africa and a British-Kenyan, were detained upon their arrival in Nigeria on February 26. This occurred after Nigeria’s decision to ban several cryptocurrency trading websites.
Appearing in a Federal High Court in Abuja on Tuesday, the two executives, though not charged with any crime, faced legal proceedings. However, the court and lawyers for Gambaryan and Anjarwalla declined to provide further details.
Lawyers representing the Economic and Financial Crimes Commission (EFCC) have requested a new detention order, as the initial one expired on March 12. However, the Binance executives are contesting this request. As of now, the judge has not issued a ruling on the EFCC’s petition.
‘At the court hearing in Abuja today [Tuesday], which was attended by Tigran and Nadeem, the court ruled that after hearing arguments from both parties, they would resume the session on April 5th,” stated the families of the two detained executives.
Despite numerous attempts, an EFCC spokesperson refrained from commenting on the matter.
Gambaryan and Anjarwalla found themselves entangled in a regulatory crackdown following the emergence of several cryptocurrency websites as preferred platforms for trading the Nigerian currency. This development occurred amidst Nigeria’s ongoing struggle with chronic dollar shortages.
In response to these developments, Binance announced earlier this month its decision to halt all transactions and trading involving Nigeria’s naira currency after March 8. However, the company has yet to respond to inquiries regarding the situation of its detained executives.
The extended detention of the Binance executives underscores the uncertainty surrounding cryptocurrency trading regulations in Nigeria and highlights the potential challenges faced by industry players amid evolving regulatory landscapes.