Nigerian authorities say an executive at global cryptocurrency exchange Binance has escaped detention in the West African country, where a criminal investigation has been launched into the platform for allegedly being used for money laundering.
KADUNA, Nigeria — An executive at crypto exchange Binance has fled custody in Nigeria, where a criminal investigation has been launched against the platform for allegedly being used for money laundering, authorities said Monday.
Nigeria's Office of the National Security Adviser said in a statement that Nadeem Anjarwala, Binance's Africa regional manager, “fled from Nigeria using a smuggler's passport,” adding, “Law enforcement agencies are working to apprehend the suspect. We asked them to provide any information that would be helpful.
Nigeria is Africa's largest crypto economy in terms of trade volume, with many citizens using cryptocurrencies to hedge their finances against soaring inflation and a depreciating local currency.
Anjarwala, who holds dual British and Kenyan nationality, had been detained in Nigeria along with another colleague since February 26, when they arrived in the country following a crackdown on crypto platforms. His colleague Tigran Gambalyan, an American citizen, remains in captivity.
Binance banned the Nigerian Naira currency on its platform in early March without publicly providing evidence after authorities accused the currency of being used for money laundering and terrorist financing. All transactions have been suspended.
It is not clear how Anjalwala escaped from custody. The Abuja-based newspaper Premium Times, which broke the news of his escape, reported that he fled from a guesthouse in the capital after security guards took him to a nearby mosque for prayers. Ta.
“Those responsible for the suspect's detention have been arrested and the circumstances that led to the suspect's escape from lawful custody have been confirmed,” Zakari Mijinyawa, spokesperson for Nigeria's Office of the National Security Adviser, said in a statement. A thorough investigation is ongoing to uncover the details.” .
The Binance executives are being held in court-ordered custody and are scheduled to appear in court on April 4, the statement said.
Meanwhile, Nigeria's tax authorities have filed four charges of tax evasion against virtual currency exchanges, accusing them of “conspiring to assist customers in tax evasion through their platforms.”
In a statement, the local Federal Inland Revenue Department said, “The charges allege that Binance allegedly violated tax laws, including failing to issue invoices for value-added tax purposes and interfering with the determination and payment of taxes by subscribers. Further examples are detailed.”
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