In the latest twist to the ongoing saga involving cryptocurrency exchange platform Binance, the Federal Government has made a move to prolong the detention of two of its officials, Tigran Gambaryan and Nadeem Anjarwalla. The duo, consisting of a U.S. citizen and a British-Kenyan national, has been held in custody for two weeks following their arrest by Nigerian authorities.
Following the expiration of the initial court order for their detention on Tuesday, the Economic Financial Crimes Commission (EFCC) has reportedly petitioned an Abuja magistrates’ court for an extension while investigations continue, as reported by Reuters sources familiar with the matter.
When approached for comment regarding the extension request, EFCC spokesperson Dele Oyewale declined to provide any details.
Meanwhile, Binance has refrained from commenting on the specifics of the case, stating that they are cooperating with Nigerian authorities to secure the release of their detained officials.
Recent reports suggest that the Nigerian government, led by influential figure Bola Tinubu, has demanded that Binance furnish them with a list of top Nigerian users and transaction details in exchange for the release of their detained officials. This move comes amidst government efforts to strengthen the national currency, the naira, against the dollar, with accusations leveled against Binance for allegedly aiding currency speculators in manipulating exchange rates.
Central Bank of Nigeria governor Olayemi Cardoso has claimed that over $26 billion passed through Binance in the past year, while presidential media aide Bayo Onanuga has accused cryptocurrency platforms of fixing rates and sabotaging the Nigerian economy.
In response to the escalating situation, Binance has ceased naira-related transactions on its platform and exited the Nigerian market altogether.
The detention of Gambaryan and Anjarwalla has taken a toll on their families, with Gambaryan's wife expressing the emotional strain on her and their two children. She described the past two weeks as the most challenging of her life, as her children anxiously awaited their father's return.
As the legal battle continues and tensions escalate between Binance and the Nigerian government, the implications for both the cryptocurrency landscape and the broader socio-economic fabric of Nigeria remain uncertain
