The Economic and Financial Crimes Commission (EFCC) of Nigeria is prosecuting Binance for alleged money laundering totaling over $35 million. Two senior Binance officials, Nadeem Anjarwalla and Tigran Gambaryan, were detained in February while engaging in dialogue with government officials regarding the cryptocurrency platform’s regulation.
The detention occurred following statements from the Central Bank of Nigeria regarding substantial flows of funds, mostly from unknown sources, through the exchange. Nigeria has intensified its clampdown on cryptocurrency marketplaces as challenges with volatile foreign exchange rates persists.
Despite the detention, there was an incident where one of the detained executives, Nadeem Anjarwalla, managed to escape custody three weeks after the initial detention.
Source: Parrot Nigeria