Detained Binance Execs Face April Hearing

By Mark Hunter

1 day agoFri Mar 22 2024 08:54:12

Reading Time: 2 minutes

The two Binance executives detained in Nigeria will remain in the country for an additional two weeks pending a court hearing on April 5
Tigran Gambaryan and Nadeem Anjarwalla were arrested in February, with preliminary custody arguments scheduled for next month
Their detention is likely connected to Nigeria’s crypto trading crackdown, although specific reasons remain undisclosed

The two Binance executives detained in Nigeria face another two weeks in the country after their court hearing was slated for April 5. Tigran Gambaryan and Nadeem Anjarwalla were arrested at the end of February following their arrival into the country, and DL News understands that preliminary arguments on the custody of both men will take place next month. The precise reasons for their detention have not yet been revealed, but the case is almost certainly related to the country’s crackdown on crypto trading, and Binance especially.

Pair Not Yet Accused of Any Crime
Gambaryan and Anjarwalla were detained on February 28 after arriving in Nigeria on Binance business, since when they have been detained in a ‘guest house’ run by the country’s National Security Agency.

The pair have not been accused of any crime, at least not publicly, but Nigerian authorities have simultaneously been trying to use the court system to force Binance to give up user data so they can identify those who may be using cryptocurrencies to undermine the collapsing sovereign currency, the naira.

Nigerian authorities have already taken steps to prevent citizens from accessing crypto exchanges by blocking access to cryptocurrency exchanges, with Binance already removing trading support for the naira from its platform to try and appease the powers that be.

Binance Working with Authorities
Binance has emphasized its cooperation with Nigerian authorities to resolve the situation and ensure the executives’ safe return, and it now appears that the men and their families will not learn the charges against them until 5 April after the Abuja Federal High Court ruled that it would hear preliminary arguments on the custody of both men on this date.

Nigeria’s attention on Binance and other cryptocurrency platforms stems from its broader efforts to navigate its most severe economic crisis in thirty years and restore public confidence in the national currency. President Bola Tinubu’s administration has implemented significant market-oriented reforms to attract foreign investment, including currency devaluation measures.

However, this devaluation has contributed to skyrocketing inflation, reaching nearly 30%.

You are currently viewing Detained Binance Execs Face April Hearing

Leave a Reply