Despite a court hearing that did not extend their detention period, families of the detained employees of Binance allege that the Nigerian Government continues to detain them in Abuja.
Tigran Gambaryan and Nadeem Anjarwalla, both associated with Binance, have been held in confinement in Abuja for three weeks without being charged with a crime.
Reasons for Detention:
Reports suggest that the detention of Gambaryan and Anjarwalla is linked to the Nigerian government’s efforts to stabilize its local currency, the Naira, amidst the ban on several cryptocurrency trading websites.
The executives reportedly flew to Nigeria following the announcement of the cryptocurrency trading ban.
Legal Proceedings:
The two employees appeared in a Federal High Court in Abuja, where the Economic and Financial Crimes Commission (EFCC) requested a new detention order after the initial one expired.
However, the judge did not make a ruling on EFCC’s request, scheduling the next hearing for April 5th.
Appeal from Families:
The families of Gambaryan and Anjarwalla have made emotional appeals for their release, highlighting the impact of their continued detention on their personal lives.
Both executives are set to miss significant milestones in their children’s lives due to their prolonged confinement.
Court Orders Binance’s Cooperation:
In a separate development, a high court in Abuja ordered Binance to provide comprehensive information about its Nigerian users to the EFCC.
This interim order was granted to enable the anti-graft agency to investigate alleged money laundering and terrorism financing activities on the platform.
Government’s Investigation into Binance:
The court’s decision follows the Federal Government of Nigeria’s directive to Binance to reveal its top 100 users and release transaction history over the past six months.
The government’s investigation aims to uncover illicit activities, including market manipulation, impacting the value of the Naira.
Conclusion:
The detention of Binance executives and the court’s orders regarding the cryptocurrency platform underscore the Nigerian government’s efforts to regulate the digital asset space.
However, the situation also raises concerns about the treatment of individuals associated with cryptocurrency exchanges and the broader implications for the industry’s operations in Nigeria.
Business News
Mine Crypto. Earn $GOATS while it is free! Click Here!!