Binance Exec, Who Fled Nigeria, Denies Report of Extradition from Kenya

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The intense competition between Binance Holdings Ltd and Nigeria over supremacy in the cryptocurrency exchange market has resulted in noticeable effects on Nigerian exchange activities. Due to the depreciation of the Nigerian Naira, which is currently valued at approximately 1075 Naira for one US Dollar, the government has intensified its efforts to regulate unlicensed crypto businesses.

Beginning with Binance, holding a significant market position, Nigeria has taken various steps to engage the higher-ups within the company.

According to a recent article by Coinspeaker, the Nigerian authorities are pursuing two high-ranking executives, Nadeem Anjarwalla and Tigran Gambaryan, from Binance for allegedly facilitating money laundering worth approximately $26 billion, in addition to other offenses.

Last month, the legal proceedings against the pair were abruptly ended when Anjarwalla successfully broke free from police detention during the Ramadan celebrations. Reports from local news sources indicate that the Nigerian authorities are collaborating with INTERPOL to apprehend Anjarwalla in Kenya.

No Turning Back for Binance Executives

The leading figures at Binance have been in discussions with Nigerian authorities to secure the freedom of their arrested colleagues. Additionally, reports indicate that Nigeria intends to impose a significant penalty on Binance, estimated to be around $10 billion, which surpasses the $4.3 billion fine imposed by the US administration.

Binance officials have taken an unconventional route in dealing with detained employees by forcibly helping them escape. An Jarawalla, a citizen of both Kenya and Britain, allegedly used a Middle Eastern airline to depart Nigeria and surrendered his British passport to the local authorities. However, according to on-site information, Anjarwalla’s extradition from Kenya seemed unlikely within the stated time frame.

The representative for Anjarwalla’s wife has denied the reports of his arrest in Kenya and impending extradition, stating they are untrue. At this time, Binance has not released an official comment regarding the situation, instead choosing to concentrate on expanding their business worldwide.

Market Picture

The Binance Smart Chain (BSC), which is Binance’s native web3 chain, has experienced significant growth during the ongoing cryptocurrency market surge. As per recent market statistics, BSC ranks as the third largest web3 network, with approximately $6.75 billion worth of assets secured in it. Furthermore, there is nearly $5 billion in market capitalization for stablecoins on the BSC network.

In simpler terms, among the prominent web3 initiatives thriving on Binance’s platform are PancakeSwap (CAKE) and Venus Lending Platform.

Currently, Binance’s own coin BNB is experiencing an uptrend following its bullish market breakout. With a total valuation of approximately $92 billion, this major altcoin was priced at around $599 during early trading sessions in New York on Monday.

In simpler terms, the cost of BNB is likely to significantly increase in the next few weeks due to increasing regulatory approval and wider usage in the market.

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2024-04-22 19:00