WEB3
by BSCN
March 12, 2024
The detention follows accusations by Nigeria, demanding a hefty $10 billion in penalties from Binance over alleged facilitation of $26 billion in untraceable funds within the country.
Two Binance executives Tigran Gambaryan and Nadeem Anjarwalla are now facing a difficult situation after being detained by Nigerian authorities for two weeks. This development comes in the wake of accusations leveled against the cryptocurrency exchange by the Nigerian government.
The controversy began on March 4 when Gambaryan and Anjarwalla were scheduled to appear before the House Committee on Financial Crimes in Nigeria. Instead, their legal representatives took the stand, a move that seemingly did not sit well with government officials.
Expressing dissatisfaction with the executives' absence, Committee Chairman Obinna Ginger announced a warrant for their arrest. Families of the executives revealed that they were relocated to a "guesthouse" run by the National Security Agency of Nigeria following the meeting.
There are reports that Nigeria is demanding $10 billion in penalties from Binance. The accusations revolve around the exchange allegedly facilitating the processing of $26 billion in untraceable funds within the country.
Gambaryan, Binance's head of financial crime compliance and a U.S. citizen, and Anjarwalla, the Kenya-based regional manager holding dual citizenships of the U.K. and Kenya, find themselves entangled in a legal battle.
The fact that Gambaryan was a member of the IRS-CI Cyber Crimes Unit brings an ironic twist to the situation given his background in cryptocurrency investigations and law enforcement.
Worth noting, the detained executives were also visited by British and American government officials. However, these meetings occurred in the presence of Nigerian government guards, according to Wired.
Despite mounting pressure, Binance has refrained from disclosing details regarding the accusations or demands made by the Nigerian government. Instead, the cryptocurrency exchange reiterated its commitment to securing the safe return of the detained executives.
In a parallel development, Binance recently discontinued all services involving the Nigerian naira (NGN) after facing regulatory scrutiny. The cryptocurrency exchange also announced the suspension of NGN withdrawals after March 8.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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