A high-ranking executive from Binance Holdings, named Tigran Gambaryan, faced a postponement of his court case in Nigeria until April 19 after being detained for alleged tax evasion. The situation has garnered attention from various stakeholders in the cryptocurrency community, sparking concerns about regulatory issues in emerging markets like Nigeria.

Details about the case remain limited after the initial court appearance, leaving many uncertainties surrounding the legal situation of the executive and its potential impact on Binance's activities in Nigeria.

As the case progresses, stakeholders in the cryptocurrency sector will keep a close eye on developments in Nigeria, as the outcome could shape regulatory approaches in other regions grappling with similar cryptocurrency taxation and compliance challenges.

Binance Executive's Escape from Custody

On March 22, another executive known as Nadeem Anjarwalla managed to escape custody while being escorted for prayers. Speculations suggest that Nadeem may have left Abuja using a Kenyan passport, despite his British passport being held by Nigerian authorities. Efforts are underway to thoroughly investigate the circumstances surrounding the executive's escape and identify responsible parties.

Allegations Against Binance

Lawyer Ekele Iheanacho, representing the Economic and Financial Crimes Commission (EFCC), made accusations against Binance's activities in Nigeria, alleging potential criminal behavior based on provisions in the EFCC Act of 2004 and the Money Laundering (Prevention and Prohibition) Act of 2022 concerning reporting of suspicious transactions. The EFCC initiated an investigation prompted by intelligence indicating money laundering and terrorism financing through the Binance platform, citing activities such as price manipulation and market distortions contributing to the depreciation of the Nigerian naira.