TWO top executives from Binance, the globe’s leading cryptocurrency exchange, have initiated legal action against Nigeria’s national security adviser’s office and the anti-graft agency, alleging infringement of their fundamental rights and appealing for their immediate release.
Tigran Gambaryan, Binance’s head of financial crime compliance and a US citizen, alongside Nadeem Anjarwalla, Binance’s regional manager for Africa and a British-Kenyan national, flew to Nigeria following the government’s ban on several cryptocurrency trading platforms. However, upon their arrival on February 26, they were promptly detained.
Anjarwalla, fearing repercussions, fled the country last week, potentially facing an international arrest warrant. Gambaryan, on the other hand, appeared before the Federal High Court in the capital city of Abuja on Thursday, seeking judicial intervention against his detention and the confiscation of his passport by the National Security Adviser and the Economic and Financial Crimes Commission (EFCC).
In his plea, Gambaryan argued that his detainment and passport seizure constituted a violation of his constitutional right to personal liberty, as guaranteed by Nigeria’s legal framework. Both executives asserted their innocence, claiming no knowledge of any criminal wrongdoing.
The executives’ legal team requested the court to order their immediate release, return their passports, issue a public apology, and impose a restraining order against any further detention. However, the proceedings were adjourned to April 8 as lawyers representing the Office of the National Security Adviser (ONSA) and the EFCC were absent from the court session.
Gambaryan and Anjarwalla’s ordeal is emblematic of a broader crackdown on cryptocurrency trading platforms, which emerged as popular avenues for trading the Nigerian currency amid persistent dollar shortages in the country. As the legal battle ensues, it underscores the complexities surrounding cryptocurrency regulations and the protection of individual rights in Nigeria’s evolving financial landscape.