Binance Executives Detained Amid Nigeria’s $26B FX Crisis: Court Hearing Set on March 20

The post Binance Executives Detained Amid Nigeria’s $26B FX Crisis: Court Hearing Set on March 20 appeared first on Coinpedia Fintech News

As you read this article, two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, are still spending their days in the custody of the Nigerian authorities, accused of contributing to the country’s currency crash. Within 6 days, the court is going to hold a hearing, which means the international community will be watching more than ever.

Let’s dive into more details 

Detention and Allegations

Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, was arrested along with Nadeem Anjarwalla, the exchange’s Africa Regional Manager, Nigeria, on February 26 upon an official invitation from the government. 

However, it should be noted that the two Binance executives were detained for a period of two weeks as a result of the Abuja High Court’s order on February 28 despite no formal charges being made against them.

The Central Bank of Nigeria revealed $26 billion in untraceable funds movement through the Binance Nigeria platform last year, which contributed to the country’s foreign exchange crisis. The government, fighting with capital outflows and depreciation issue of the Naira, sees Binance’s operations as one of the reasons that make the issue worse.

Response

The detained Binance executives, visited by U.S. and U.K. officials, the hearing on March 20th is looming. Binance clarified once again its cooperation with Nigerian authorities adding that Binance is “cooperating with Nigerian authorities to bring Nadeem and Tigran home safely to their families”. As a matter of fact, the situation is a delicate case involving national security and global cryptocurrency operations.

In short … 

The situation before the 20th of March is still dynamic, and all players closely watch the legal processes and diplomatic efforts. The arrest and detaining of Binance’s executives in Nigeria with currency destabilization charges against them will be heard in the upcoming court hearing.