Nigerian authorities are hot on the heels of Nadeem Anjarwalla, a high-ranking executive at cryptocurrency giant Binance. Anjarwalla managed to escape custody in Nigeria but became a fugitive when his presence in Kenya was flagged. This has sparked a high-stakes international chase, with Nigeria determined to bring him back to face charges.
Nadeem Anjarwalla, Binance executive on the run, faces international pursuit amidst $35.4 million allegations in a high-stakes crypto case.
Nigerian officials haven't wasted any time. Working closely with the Economic and Financial Crimes Commission (EFCC), Interpol, and Kenyan police, they're pushing for Anjarwalla's swift extradition. Sources close to the case confirm a coordinated effort is underway to ensure he faces justice in Nigeria.
The EFCC isn't just focusing on Kenya. Chairman Ola Olukoyede revealed a broader strategy in their March bulletin. They're collaborating with Interpol, the FBI, and authorities in the UK, US, and Kenya to secure Anjarwalla's return. This extensive network significantly increases the chances of apprehending him.
The situation goes beyond a simple escape. Binance, along with its executives, Tigran Gambaryan and the fugitive Anjarwalla, is facing serious charges. These include tax evasion, currency manipulation, and money laundering, totaling a staggering $35.4 million. Court documents detail a range of offences: operating without a licence, unauthorised financial activities, illegal forex dealings, concealing illicit funds, and money laundering.
Co-defendant Tigran Gambaryan pleads not guilty in the high-stakes Binance crypto case unfolding in Nigeria.
As if the initial charges weren't enough, the Nigerian government added another layer of pressure in March. They filed a four-count charge against Binance, Anjarwalla, and Gambaryan, accusing them of tax evasion and failing to register with relevant tax authorities.
While Anjarwalla remains a fugitive, his co-defendant, Gambaryan, has entered a not-guilty plea to money laundering charges. He claims he lacks decision-making authority within Binance and shouldn't be held responsible for the company's Nigerian operations. However, the judge wasn't swayed. Citing Nigerian laws, he ruled that Gambaryan's past visits to Nigeria as a Binance representative make him accountable. This legal battle promises to be a complex one.
With a global manhunt underway and a legal battle brewing in Nigeria, this case is far from over. Whether Anjarwalla faces the music in Nigeria or remains a fugitive will depend on the effectiveness of the international cooperation and the outcome of the ongoing legal proceedings. This complex case has significant implications for the regulation of cryptocurrency businesses and the fight against financial crime across borders.
The Binance case in Nigeria highlights several key issues in cryptocurrency regulation. Firstly, it underscores the challenges of international cooperation in prosecuting financial crimes involving digital assets. The decentralised nature of cryptocurrency and the potential for operating across borders can complicate investigations and extradition processes.
Secondly, the case raises questions about the accountability of cryptocurrency companies and their executives. The legal arguments around Gambaryan's decision-making authority within Binance illustrate the complexities of attributing responsibility in a relatively new and evolving financial sector.
Finally, this case sheds light on the ongoing efforts of governments to regulate the cryptocurrency industry. The Nigerian government's pursuit of Binance reflects a growing trend of regulatory scrutiny towards cryptocurrency businesses, particularly regarding issues like tax compliance and anti-money laundering measures.
Speculation is heating up that Changpeng “CZ” Zhao, the founder of Binance, could be preparing for a dramatic return to the exchange he was forced to leave nearly two years ago.
XingChiWindtree is being delisted from Nasdaq after its share price crashed below the required $1 level. The company’s shift from biotech to holding BNB tokens failed to win investor trust, wiping out nearly all its value.
AnaisBNC, a company listed on Nasdaq, purchased 200,000 Binance Coins for $160 million and aims to raise up to $1.25 billion to increase its BNB holdings. This reflects a rising trend of firms investing in BNB as part of their corporate crypto portfolios.
Weatherly
Jason RiggsChangpeng "CZ" Zhao has broken through into the top echelons of the world’s wealthiest individuals, with his net worth reaching an estimated $75 billion following BNB’s new all-time high of $857.18.
XingChiBinance Changpeng Zhao's family office, YZi Labs, is making a significant move by supporting an investment company to go public in the U.S.
XingChiSilk Road founder Ross Ulbricht has resurfaced as a polarising crypto figure, raising $1.8 million in Bitcoin by auctioning prison memorabilia. Days later, he received a surprise 300 BTC donation worth $31 million—reigniting debate over whether this support reflects alignment with his ideals or raises ethical concerns in today’s crypto culture.
CatherineThe SEC dropped its lawsuit against Binance after nearly three years of legal action over alleged securities violations. The case was closed as the new SEC leadership began easing its stance on crypto regulation.
WeatherlyBhutan has launched the world’s first national crypto tourism payment system, letting visitors pay for everything from flights to local goods using digital currencies like Bitcoin and BNB. The system, built with Binance Pay and DK Bank, helps local businesses—especially in remote areas—accept crypto payments easily.
AnaisUSDC is now the default currency on Binance Pay, making it easier for users to send and receive money instantly with zero gas fees. This update simplifies payments for both individuals and businesses, offering fast, low-cost transactions using a stable digital dollar.delays or extra costs.
AnaisGolden Finance launches the 2340th issue of "Golden Morning 8", a morning report on the cryptocurrency and blockchain industry, to provide you with the latest and fastest news on the digital currency and blockchain industry.
JinseFinanceBeeple is an American graphic designer, digital artist, and animator, known for making comical and often surreal multimedia works with social and political messages. Beeple has a net worth of $50 million.
Pr0phetMoggyAmong his early NFTs, "Crossroad," a commentary on the 2020 U.S. presidential election, made headlines by selling for $6.6 million in February 2021.
Brian
Coinlive HNW investors continue to be interested in investing directly straight into the asset class.
FinboldRecently, the White House released a report that details how crypto mining and other technologies contribute directly to pollution, greenhouse gas effect, noise, and other hazardous environmental effects.
BitcoinistWealth managers are being advised to prioritize education and advice after a new survey reveals that most of the world's wealthiest individuals are invested in digital assets.
CointelegraphA new survey suggests that most of the world’s wealthiest have invested in digital assets and wealth management firms have been advised to prioritize providing education and advice.
CointelegraphCryptocurrencies play a major part in wealthy people's way of life. A recent survey reveals that global high-rollers are spending ...
Bitcoinist"We are going to become the first city in the world to mine Bitcoin here on site at city hall," said Fort Worth Mayor Mattie Parker.
Cointelegraph