Nigeria Pursues Extradition of Binance Executive: Details

Nadeem Arjarwalla, a Binance executive, has become the subject of an extradition effort by the government of Nigeria after reportedly fleeing to Kenya following his escape from custody. Sources within the Nigerian presidency revealed that Arjarwalla went into hiding upon arriving in Kenya.

The government of Nigeria, in collaboration with Interpol and Kenyan police, is actively working to extradite Arjarwalla back to Nigeria to face charges related to allegations of manipulating the country’s fiat currency, the Nigerian naira. 

It is important to note that research by the Web3 software firm Consensys revealed that Nigeria leads all other regions in terms of cryptocurrency consciousness, with 99% of the population familiar with the concept and 91% willing to make an investment.

Extradition of Binance Exec to Nigeria

Arjarwalla had initially arrived in Nigeria in February and was detained alongside another Binance executive after a meeting with Nigerian officials.

The Economic and Financial Crime Commission (EFCC) of Nigeria is leading the investigation and has charged the exchange and its two executives with five counts of money laundering. However, Arjarwalla managed to escape custody on March 22 and boarded a flight out of Abuja, the Nigerian capital.

Departure Using a Kenyan Passport

Reports indicate that Arjarwalla departed from Abuja using a Kenyan passport, raising questions about how he obtained it as his United Kingdom passport, used to enter Nigeria, remains with Nigerian authorities. Authorities are now investigating the circumstances surrounding the acquisition of the Kenyan passport.

Meanwhile, the other Binance executive, Tigran Gambaryan, has pleaded not guilty to the charges. His wife has launched a petition to bring him back to the United States, garnering significant support. Gambaryan’s case has been adjourned until April 19.

Binance to Discontinue Naira Transactions 

In the midst of these developments, Binance announced its decision to discontinue all naira transactions, effectively exiting the Nigerian market. This move came after the governor of the Central Bank of Nigeria expressed concerns about crypto exchanges in Nigeria’s involvement in illicit transactions, citing “suspicious flows” of funds at Binance.

As the Nigerian government intensifies its efforts to secure Arjarwalla’s extradition, the case underscores the complexities and challenges surrounding regulatory oversight and enforcement within the cryptocurrency industry.