Binance Executive nabbed in Kenya after escape from Nigeria

In a dramatic turn of events, Kenyan authorities have apprehended Nadeem Anjarwalla, a regional manager for cryptocurrency exchange Binance.

Anjarwalla’s arrest comes after his escape from Nigerian custody in March, where he faced charges of tax evasion and money laundering.

Anjarwalla, who holds both Kenyan and British citizenship, was initially detained in Nigeria alongside another Binance executive, Tigran Gambaryan, in February.

While Gambaryan remains in custody, Anjarwalla managed to escape from a secure facility in Abuja.

The exact circumstances of his escape are still unclear. Kenyan authorities reportedly located Anjarwalla in the country, acting on a request from Nigeria for his arrest and extradition.

The extradition process, however, could be complex. Legal experts suggest that Nigeria will need to formally request Anjarwalla’s extradition through official channels.

This may involve an arrest warrant issued by a Nigerian court and potentially a red notice from Interpol, an international organization facilitating police cooperation.

the EFCC Chairman, Ola Olukoyede, had in the March edition of its bulletin titled: “EFCC Alert,” confirmed that the commission was working in conjunction with the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the governments of the United Kingdom, Northern Ireland, and Kenya to extradite Anjarwalla.

Olukoyede said: “The takeover of the prosecution of Binance chiefs by the commission is no less a strong message in the direction of EFCC’s resolve to hedge in distortions and disruptions in the country’s forex market.

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“Tax evasion, currency speculation, and money laundering to the tune of $35,400,000 and are at the foundation of the Commission’s five counts against Binance Holdings Limited, Tigran Gambaryan and Nadeem Anjarwalla, the company’s chief executives.

“While Gambaryan is currently in the Commission’s net, the process of extraditing the fleeing Anjarwalla is revving in full swing. Involved in partnership with the EFCC to nick Anjarwalla in flight are the International Criminal Police Organisation, the United States Federal Bureau of Investigation, the governments of the United Kingdom, Northern Ireland, and Kenya as the clock winds down to his arraignment in absentia alongside the company and Gambaryan.”

Kenyan courts would then need to approve the extradition request, a process that could take months or even years depending on any legal challenges Anjarwalla’s team might mount.

Binance yet to release a comprehensive statement on Anjarwalla’s arrest.

The company previously maintained its innocence in the Nigerian case, stating it was cooperating with authorities.

However, the circumstances surrounding Anjarwalla’s escape raise questions about Binance’s internal controls and its knowledge of the situation.

This case has significant implications for both Nigeria and the cryptocurrency industry as a whole.

Nigeria seeks to assert its regulatory authority over cryptocurrency exchanges operating within its borders. Anjarwalla’s successful extradition would be seen as a win for the Nigerian government.

Conversely, a prolonged legal battle or a failed extradition could further strain relations between Nigeria and Kenya. Additionally, the case puts a spotlight on cryptocurrency exchanges and their potential vulnerability to financial crimes.

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