Two senior executives from Binance, the world’s largest cryptocurrency exchange, have taken legal action against Nigerian authorities, alleging violations of their fundamental rights. Tigran Gambaryan, Binance’s head of financial crime compliance, and Nadeem Anjarwalla, Binance’s regional manager for Africa, have filed a lawsuit against Nigeria’s national security adviser’s office and the Economic and Financial Crimes Commission (EFCC).
The lawsuit, filed in a Federal High Court in Abuja, accuses the authorities of unlawful detention and seizure of passports, constituting a breach of the executives’ personal liberty as guaranteed by Nigeria’s constitution.
Gambaryan and Anjarwalla were detained upon their arrival in Nigeria on February 26, following the country’s ban on several cryptocurrency trading platforms. Anjarwalla managed to escape custody on March 22 and is now facing the possibility of an international arrest warrant.
In their legal action, the executives are seeking immediate release from detention, the return of their passports, a public apology, and a restraining order against further detention. They argue that they have not been informed of any offenses committed and assert that their detention is unwarranted.
The court hearing, presided over by Judge Iyang Ekwo, was adjourned to April 8 due to the absence of legal representation for the defendants. The executives’ legal counsel emphasised the urgency of the matter, highlighting the ongoing violation of their clients’ rights.
The detention of Gambaryan and Anjarwalla is part of a broader crackdown by Nigerian authorities on cryptocurrency platforms amid concerns over financial irregularities and the country’s dollar shortage. Binance, in particular, has come under scrutiny, with allegations of tax evasion and facilitating financial crimes.
This legal battle between Binance executives and Nigerian authorities underscores the complexities surrounding cryptocurrency regulation and enforcement. As the crypto industry continues to evolve, regulatory authorities worldwide face the challenge of balancing innovation with investor protection and financial integrity. The outcome of this lawsuit will likely have implications for the future of cryptocurrency operations in Nigeria and beyond.
