Binance Executive Faces Extradition from Kenya

On Apr 15, 2024

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The saga involving Nadeem Arjarwalla, a high-ranking Binance executive, has taken a dramatic turn as Nigerian authorities, with the assistance of Interpol and Kenyan police, seek his extradition. Arjarwalla, who fled Nigeria under controversial circumstances, was located in Kenya after escaping custody in Nigeria where he faced serious allegations.

Navigating Legal Challenges: The Extradition of a Binance Executive

Nadeem Arjarwalla had arrived in Nigeria in February amidst allegations that Binance, a prominent cryptocurrency exchange, manipulated the Nigerian naira. Subsequently, he was detained along with another executive from Binance following discussions with Nigerian officials. The Economic and Financial Crime Commission (EFCC) of Nigeria later charged the two executives with five counts of money laundering. However, in a bold escape on March 22, Arjarwalla managed to leave Nigeria, boarding a flight from Abuja on a Middle Eastern airline, despite his UK passport being held by Nigerian authorities.

Local media, citing sources within the Nigerian presidency, reported that Arjarwalla had successfully vanished upon his arrival in Kenya, prompting a search that concluded with his location being pinpointed in the country. Questions remain about how Arjarwalla was able to travel, especially since he supposedly used a Kenyan passport to flee, a detail that authorities are investigating given he had no other travel documents while in custody.

Meanwhile, the other detained Binance executive, Tigran Gambaryan, has pled not guilty to the charges against him. While Gambaryan remains detained, his wife has initiated a petition for his release, which has gathered over 3,000 signatures. His trial has been postponed until mid-April.

In a related development, Binance has decided to withdraw from the Nigerian market. On March 5, the company announced the cessation of all transactions involving the Nigerian naira and removed all naira trading pairs from its peer-to-peer platform at the end of February. This decision came shortly after the governor of the Central Bank of Nigeria accused cryptocurrency exchanges of facilitating illicit transactions, specifically highlighting suspicious activities involving Binance.

As this international drama unfolds, the focus now shifts to the legal proceedings and the broader implications for the cryptocurrency industry in Nigeria and beyond.

🚨BIG NEWS: #Binance executive tracked to Kenya, extradition underway. pic.twitter.com/xaO0X1AL4H
— SmartViewAI.Com (@smartviewai) April 14, 2024

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