May 25, 2024
Binance Executive Arrested in Kenya
Latest Cryptocurrency News

Binance Executive Arrested in Kenya

Nadeem Anjarwalla, a British and Kenyan national employed at cryptocurrency exchange Binance, reportedly faces detention in Kenya following his flight from Nigeria in March.

Escaped Binance Africa regional manager Nadeem Anjarwalla. Source: The Source Magazine

Arrest and Potential Extradition

Kenyan news outlets reported Anjarwalla’s arrest by local police on April 22, with authorities considering extradition to Nigeria to address criminal charges. Anjarwalla allegedly fled custody in Nigeria on March 22, utilizing his Kenyan passport after being taken to a mosque for prayers.

Efforts to confirm Anjarwalla’s arrest have yielded no definitive results. He journeyed to Nigeria in February alongside Binance executive Tigran Gambaryan amidst allegations of the exchange’s manipulation of Nigeria’s fiat currency, the naira. Following Binance’s announcement of discontinuing naira transactions, both individuals were at risk of detention.

Escape and Legal Proceedings

The circumstances of Anjarwalla’s departure from Nigeria remain unclear. Reports suggest he managed to depart Abuja, Nigeria’s capital, using his Kenyan passport, as authorities confiscated his U.K. travel documents.

Meanwhile, Nigerian authorities proceeded with legal action against Binance and Gambaryan in Anjarwalla’s absence. Anjarwalla has pleaded not guilty to tax evasion and money laundering charges, with court proceedings resuming on April 19 following a brief postponement.

Petition and Changpeng Zhao’s Case

Gambaryan’s wife initiated a petition seeking his return to the United States, asserting his innocence and portraying him as a pawn in a larger scheme. Binance emphasized Gambaryan’s lack of decision-making authority in the company and urged authorities not to hold him accountable for its Nigerian operations.

In a separate legal matter, former Binance CEO Changpeng Zhao is scheduled for sentencing in the U.S. on April 30 after pleading guilty to one felony charge. He faces a potential prison term of up to 10 years.

Conclusion

Nadeem Anjarwalla’s detention in Kenya underscores the legal challenges faced by Binance executives amidst ongoing controversies. As legal proceedings continue, Gambaryan’s wife advocates for his return to the U.S., while Zhao awaits sentencing in a separate case. The situation highlights the complex legal landscape surrounding cryptocurrency exchanges and their personnel, as regulatory scrutiny and legal actions persist in the industry.

Photo by Kindel Media

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