Nigeria Tracks Fleeing Binance Executive to Kenya, Begins Extradition Process
Summary:
The Nigerian government has tracked down absconded Binance executive, Nadeem Arjarwalla, to Kenya and is actively working on his extradition. Arjarwalla was charged alongside another executive with manipulating Nigeria's currency. He fled Nigeria using a Kenyan passport, despite his British passport being held by Nigerian officials. Meanwhile, Binance has announced its exit from the Nigerian market following regulatory issues and alleged illicit transactions.
The Nigerian authorities have tracked Nadeem Arjarwalla, a Binance executive who absconded, to Kenya and are actively working on his extradition process. Local reports from Punch reveal that insiders from the Presidency confirmed Arjarwalla went undercover upon getting to Kenya, but his hiding place has been discovered. This could result in a fresh turn of events as Nigeria seeks the Binance official's extradition. In a joint effort with Interpol and Kenyan Police, the Nigerian government is pushing to have Arjarwalla extradited to answer the charges against him.
Arjarwalla came to Nigeria in February alongside another Binance executive, Gambaryan, following allegations that the exchange tampered with the Nigerian currency, the Naira. Arjarwalla was taken into custody after a conference with the Nigerian government concerning Binance's regulatory issues. The investigation was handed over to the Economic and Financial Crime Commission (EFCC) by the National Security Adviser (NSA). Binance and its two executives were slammed with five counts of money laundering charges by the anti-corruption agency. However, Arjarwalla reportedly escaped detention on March 22 and successfully boarded an outbound flight from Abuja.
It was noted that Arjarwalla fled Nigeria using a Kenyan passport although it is uncertain how he was able to board an international flight as his British passport, his entry document to Nigeria, is still held by Nigerian officials. Immigration agents are now trying to uncover how Anjarwalla obtained the Kenyan passport without any other travel documents while in confinement.
While Arjarwalla is still on the run, Gambaryan and other supporters deny the charges and have called for his release after several weeks in custody. A plea for his return to the U.S. had been signed by 3,373 people at the time of reporting. However, the case has been postponed to April 19.
Binance announced on March 5 its decision to stop all transactions in Naira, effectively withdrawing from the Nigerian market. This announcement trailed the de-listing of all NGN trading pairs on Binance’s P2P platform in late February. On February 27, Nigeria's Central Bank governor alleged that Nigeria's crypto exchanges are suspected of facilitating unlawful transactions, flagging “questionable movements” of funds at Binance.
Published At
4/14/2024 11:56:25 AM
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