₦airaland Forum

The Federal Government of Nigeria has sought an extension of the detention of two Binance officials, Tigran Gambaryan, a U.S. citizen, and British-Kenyan Nadeem Anjarwalla, as part of its ongoing crackdown on cryptocurrency platforms.

The two officials have been held since their arrest two weeks ago, with the Economic and Financial Crimes Commission (EFCC) moving to extend their detention further, according to sources familiar with the case as reported by Reuters on Thursday.

The EFCC approached an Abuja magistrates’ court for a fresh order to extend the detention of Gambaryan and Anjarwalla while investigations continue, following the expiration of the initial court order on Tuesday.

Dele Oyewale, spokesperson for the EFCC, declined to comment on the agency’s move when contacted by the Peoples Gazette.

Binance, the cryptocurrency platform employing the detained officials, stated that it is working with Nigerian authorities to secure their release but refrained from commenting on the specifics of the case.

The Nigerian government, led by Tinubu, has also intensified its efforts to regulate the cryptocurrency market, alleging that platforms like Binance are facilitating currency speculation and undermining the national economy. The government has blocked access to Binance’s website for Nigerian users.

Central Bank of Nigeria governor Olayemi Cardoso claimed that over $26 billion flowed through Binance in the past year, while accusations from media aide Bayo Onanuga accused cryptocurrency platforms of rate manipulation and economic sabotage.

As a result of the crackdown and the detention of its officials, Binance has ceased naira-related transactions and exited the Nigerian market.

The prolonged detention of Gambaryan and Anjarwalla has caused distress to their families, with Gambaryan’s wife expressing the difficulty of the situation, especially for their children eagerly awaiting their father’s return.