The long arm of the law is closing in on Nadeem Anjarwalla, the fugitive Binance executive who escaped from custody in Nigeria. According to reports, the Nigerian government has traced Anjarwalla to Kenya, where he has gone into hiding after fleeing Nigeria.
This development follows months of investigations and legal proceedings against Binance, the world’s largest cryptocurrency exchange, and its top executives by Nigerian authorities. Anjarwalla, along with Binance and another executive Tigran Gambaryan, faces charges including money laundering, tax evasion, currency speculation, and operating a financial services business without proper licensing.
The charges stem from allegations that Binance facilitated over $35 million in illicit financial activities in Nigeria, with users’ identities concealed to enable money laundering, terrorism financing and other crimes. Nigerian authorities believe Binance’s operations distorted the economy and weakened the naira currency.
With Gambaryan in custody and Binance formally charged, efforts have intensified to apprehend Anjarwalla and bring him to trial. The Economic and Financial Crimes Commission (EFCC) of Nigeria is cooperating with INTERPOL, the FBI, and authorities in the UK, Northern Ireland and Kenya for his extradition.
EFCC Chairman Ola Olukoyede stated that the “clock is winding down” for Anjarwalla to be brought before the courts. The fugitive executive faces arraignment in absentia alongside Binance and Gambaryan at their next court date on April 4th.
This case highlights the increasing scrutiny faced by major crypto platforms globally over anti-money laundering and know-your-customer compliance deficiencies. It remains to be seen if Nigerian authorities can successfully extradite Nadeem Anjarwalla from Kenya to face justice.
The crackdown sends a strong signal about Nigeria’s resolve to regulate its cryptocurrency markets and rein in illicit financial activities enabled by platforms like Binance operating in regulatory grey areas. This is a pivotal case that could shape the future crypto landscape in Africa’s largest economy.