Reports from Kenya indicate that Nadeem Anjarwalla, an executive of cryptocurrency platform Binance, has been arrested by Kenyan police after fleeing Nigeria.
Anjarwalla reportedly escaped custody in Nigeria following the government’s crackdown on the cryptocurrency platform in efforts to stabilize the naira.
Despite his escape, Nigerian authorities traced Anjarwalla to Kenya, where he is now in police custody, according to government sources.
Efforts to extradite Anjarwalla have been underway since his escape, with the Economic and Financial Crimes Commission (EFCC), the International Criminal Police Organization, the Nigeria Police Force, and the Kenyan Police Service collaborating on the matter.
In March, the EFCC announced plans to extradite Anjarwalla, citing allegations of tax evasion, currency speculation, and money laundering amounting to $35.4 million against Binance Holdings Limited and its executives, including Anjarwalla.
Anjarwalla, who holds British and Kenyan citizenship and serves as Binance’s Africa Regional Manager, was facing trial in Nigerian courts before his escape while under a 14-day remand order.
The Nigerian government has intensified its crackdown on Binance in recent months, with Anjarwalla being one of the cryptocurrency chiefs arrested amid the tussle.
The Central Bank of Nigeria (CBN) alleged that over $26 billion was funneled through Binance without proper documentation, prompting increased scrutiny from Nigerian authorities.
CBN Governor Yemi Cardoso stated, “In the last year, more than $26 billion have been funnelled through Binance without trace,” highlighting the scale of the issue.
