By Abiola Olawale
The attempt by the popular cryptocurrency platform, Binance, to secure the release of its two executives from the custody of the Nigerian authorities might have hit a huge stone wall, as the Federal Government has approached a magistrate court in Abuja seeking an order for the extension of the detention of the two officials.
It was gathered that before the arrival of the two Binance officials, Tigran Gambaryan, a U.S. citizen, and British-Kenyan Nadeem Anjarwalla, into Nigeria, the Economic and Financial Crime Commission (EFCC) had secured an order permitting the detention of the duo for two weeks to assist with their inquiries, as part of the ongoing crackdown on cryptocurrency platforms in Nigeria.
With the expiration of the court order on Tuesday, the EFCC has approached an Abuja magistrates’ court for a fresh order to extend the detention of Gambaryan and Anjarwalla while investigations continue.
The New Diplomat reports that Binance is facing stormy waters in Nigeria, following allegations that the platform is facilitating currency speculation and undermining the national economy. The government has blocked access to Binance’s website for Nigerian users.
Central Bank of Nigeria governor, Olayemi Cardoso claimed that over $26 billion flowed through Binance in the past year, while accusations from media aide Bayo Onanuga accused cryptocurrency platforms of rate manipulation and economic sabotage.
As a result of the crackdown and the detention of its officials, Binance has ceased naira-related transactions and exited the Nigerian market.
