Binance executive detained in Nigeria in crypto case escapes custody

An executive of cryptocurrency exchange Binance has escaped custody in Nigeria, where a criminal investigation has been launched against the platform accused of being used for money laundering, according to authorities.

Nadeem Anjarwalla, the regional manager for Binance in Africa, “fled Nigeria using a smuggled passport”, the office of Nigeria’s National Security Adviser said in a statement on Monday.

Nigeria is Africa’s largest crypto economy in terms of trade volume, with many citizens using crypto as the country experiences surging inflation and a declining local currency.

The Binance executive, who holds both British and Kenyan citizenship, was detained along with another colleague on February 26 when they arrived in Nigeria following the crackdown on the company.

The Binance executives were due to appear in court on April 4.

Binance ended trading with the Nigerian naira currency on its platform in early March after authorities accused it of being used for money laundering and “terrorism” financing.

Nigeria’s tax agency, meanwhile, filed a four-count charge on tax evasion against the crypto exchange, accusing it also of “complicity in aiding customers to evade taxes through its platform”.