Binance Executive Detained In Nigeria Escapes Custody

A top executive from the crypto exchange Binance has escaped custody in Nigeria after being arrested for allegedly destabilizing the country's national currency. The Associated Press reports: 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, calling for 'whatever information that can assist law enforcement agencies to apprehend the suspect.' Anjarwalla, who holds dual British and Kenyan citizenship, had been detained in Nigeria along with another colleague since Feb. 26 when they arrived in the country following a crackdown on the crypto platform. Tigran Gambaryan, the colleague who is an American citizen, remains in captivity.

Nigeria is Africa's largest crypto economy in terms of trade volume with many citizens using crypto to hedge their finances against surging inflation and the declining local currency. Binance stopped all 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 -- without providing evidence publicly. It was not clear how Anjarwalla fled custody. The Abuja-based Premium Times newspaper, which broke the news of his escape, reported that he fled from a guest house in the capital city after guards led him to a nearby mosque for prayers. 'The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,' Zakari Mijinyawa, spokesman for the office of Nigeria's National Security Adviser said in a statement.

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