Upon arriving in Nigeria to discuss matters related to Binance, the world's largest cryptocurrency exchange, Tigran Gambaryan and Nadeem Anjarwalla were detained by Nigerian officials. Subsequently, both executives have filed a lawsuit against Nigerian officials, claiming that their basic human rights were violated and seeking release, the return of their passports, and a public apology.

Two Separate Lawsuits Filed

Gambaryan and Anjarwalla have individually filed lawsuits at the Federal High Court in Abuja, naming National Security Advisor Nuhu Ribadu and the Economic and Financial Crimes Commission as defendants. Their demands include being released, getting their passports back, and receiving a public apology from the Nigerian authorities.

The detention of the Binance executives came after allegations of tax evasion were made against them and the company by Nigerian authorities. The arrests occurred during a meeting with Nigerian officials to discuss company-related matters. Additionally, it was reported that Anjarwalla had fled the country last week, further adding to the dramatic turn of events.

Governor of the Central Bank of Nigeria, Olayemi Cardoso, has accused Binance of destabilizing the Nigerian naira against foreign currencies by enabling untraceable movements of billions of dollars worth of the currency.

Case Adjourned to April 8

Following a hearing on March 28 where the Nigerian institutions named in the lawsuit were absent, the case has been adjourned to April 8. The legal battle between Binance executives and Nigerian officials is ongoing. This case highlights the challenges faced by cryptocurrency companies operating in regions with high regulatory scrutiny and evolving legal frameworks.

In addition, the lawsuit brought forth by Gambaryan and Anjarwalla against Nigerian authorities raises concerns about the protection of human rights in the context of cryptocurrency regulation. Given the global expansion of the cryptocurrency sector, issues related to regulatory compliance and legal disputes are gaining more attention. The resolution of this legal dispute will have a significant impact on how global cryptocurrency exchanges interact with regulators and governments worldwide.

This article was originally published on COINTURK NEWS.