Binance Executive Found in Kenya After Fleeing Nigerian Custody

The dramatic saga of a Binance executive who fled Nigerian custody last month has taken a new turn as reports emerge that he has been found in Kenya. Nadeem Anjarwalla, the cryptocurrency giant’s regional manager for Africa, managed to escape after being held in Nigeria along with another executive.

According to Coinbase, Anjarwalla has been located in Kenya and is now facing extradition back to Nigeria. The governments of both countries are said to be working on bringing him back, possibly within the week.

Anjarwalla and Binance’s head of financial crime compliance, Tigran Gambaryan, were detained in Nigeria in February amidst allegations of illegal operations by the company in the country. The Nigerian authorities have accused Binance of non-payment of taxes, tax evasion, and money laundering.

Gambaryan, a U.S. citizen, has already been arraigned in court. His attorney has argued that he cannot plead until Binance itself has been served with charges.

Both executives have filed a lawsuit against the Nigerian government for violating their human rights and are seeking release, return of their passports, and an apology from the authorities.

In the midst of these legal battles, Binance has been working on strengthening its compliance program. CEO Richard Teng emphasized the company’s commitment to operating in a sustainable and compliant manner.

This latest development comes on the heels of Binance agreeing to pay a hefty fine of $4.3 billion last year to settle a case with the federal government. The former CEO, Changpeng Zhao, pleaded guilty to money laundering charges and is set to be sentenced next week.

The unfolding story of the Binance executives highlights the challenges faced by cryptocurrency companies operating in regulatory grey areas and the importance of compliance in the industry. Stay tuned for more updates on this developing story.