- Nigerian government seeks extradition of Binance executive Nadeem Arjarwalla from Kenya.
- Arjarwalla fled Nigeria in March, facing charges of money laundering related to alleged manipulation of the Nigerian naira.
- Binance’s decision to cease naira transactions follows concerns raised by the Central Bank of Nigeria regarding illicit transactions and “suspicious flows” of funds at the exchange.
The Nigerian government is collaborating with Interpol and Kenyan police to bring Arjarwalla back to Nigeria to face charges levelled against him.
Arjarwalla arrives in Kenya
Binance executive Nadeem Arjarwalla reportedly escaped custody on March 22 and was able to board a flight out of the Nigerian capital, Abuja. According to a report from local media outlet Punch, sources from within the office of the Nigerian presidency disclosed that Arjarwalla went into hiding once he arrived in Kenya.
Previously, Anjarwalla has been accused of money laundering and manipulation of Nigeria’s fiat currency, the naira. He arrived in Nigeria in February and was detained alongside another Binance executive after a meeting with the Nigerian government. The county’s Economic and Financial Crime Commission (EFCC) heads up the investigation and slammed the exchange and its two executives with five counts bordering on money laundering.
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Two Binance executives face different situations
The Nigerian government is collaborating with Interpol and Kenyan police to bring Arjarwalla back to Nigeria to face charges leveled against him.
While Arjarwalla remains out of the country, the other Binance executive, Tigran Gambaryan, pleaded not guilty to the charges, with his wife and others calling for his release after several weeks in detention. Gambaryan’s wife has launched a petition to bring him back to the United States, which had 3,373 signatures at the time of publication. However, Gambaryan’s case has been adjourned until April 19.
Binance’s decision to halt naira transactions amid mounting regulatory pressure further complicates the situation. This move comes after concerns raised by Nigeria’s Central Bank regarding potential illicit activities on the platform. The unfolding events cast a shadow over the future of cryptocurrency exchanges operating in Nigeria and highlight the need for greater regulatory clarity and oversight in the industry.
