Binance crypto exec reportedly on the run after busting out of custody in Nigeria

Binance crypto exec reportedly on the run after busting out of custody in Nigeria.


A Binance executive reportedly escaped from police custody in Nigeria on Friday. Nadeem Anjarwalla, the cryptocurrency exchange's regional manager for Africa, managed to flee while being taken to pray at a mosque in Abuja and later left the country on a Middle-Eastern airline, according to Nigeria's Premium Times newspaper.

"We were informed that Nadeem is no longer in Nigerian custody," a Binance representative told Business Insider on Monday. "Our top priority is the safety of our employees, and we are cooperating with Nigerian authorities to resolve this matter swiftly."

Nigerian officials did not immediately respond to a request for comment from BI, but presidential spokesman Bayo Onanuga confirmed to Bloomberg that Anjarwalla had escaped.

Anjarwalla and fellow Binance executive Tigran Gambaryan were detained during a visit to Nigeria in February and had been under house arrest since then.

On Monday, Nigeria's Federal Inland Revenue Service announced that it was charging Binance, Anjarwalla, and Gambaryan with tax evasion.

Chainalysis data shows that Nigeria has the world's second-highest crypto adoption rate. This year, the country has begun cracking down on exchanges by instructing local telecoms companies to restrict access to Binance, Coinbase, and Kraken.

Officials are attempting to stabilize the naira, which has depreciated by 70% against the US dollar in the last year, largely due to younger Nigerians choosing to store their money in alternative assets like bitcoin.

The naira's significant devaluation has pushed inflation up to 32%, according to Nigeria's statistics bureau.