Nadeem Arjarwalla, a senior official of Binance, escaped from detention in Nigeria, and the Nigerian authorities was able to track him down in Kenya . Arjarwalla is charged with participating in operations that caused major disruptions in the Nigerian naira exchange rate market .
Arjarwalla’s cover was exposed after he arrived in Kenya, and the Nigerian government moved quickly to arrange for his extradition so he could face the accusations made against him. To speed up the extradition procedure, the Nigeria Police Force, the Kenyan Police Service, the International Criminal Police Organisation (Interpol), and the Economic and Financial Crimes Commission (EFCC) are collaborating.
The Nigerian government’s cooperation with foreign law enforcement agencies, as well as the governments of the United States, the United Kingdom, and Kenya, is indicative of their resolve to repatriate Arjarwalla to Nigeria. Ola Olukoyede, the chairman of the EFCC, said that the agency is collaborating closely with these organisations to guarantee Arjarwalla’s smooth extradition.
Concerns about the security protocols in place have been highlighted by Arjarwalla’s escape from prison in Nigeria. The troops tasked with keeping an eye on Arjarwalla have been taken into custody by the Nigerian government, which is also carrying out extensive inquiries into the situation. The continuing investigations are being conducted by special investigators from a variety of security and intelligence organisations, including the National Intelligence Agency, the Department of State Services, the Police, the EFCC, and the military.
Arjarwalla and Binance Holdings Limited face accusations of tax evasion, currency speculation, and money laundering, with an estimated $35.4 million in total at stake. The Office of the National Security Adviser has handed over case management to the Nigerian government, and Tigran Gambaryan, Arjarwalla’s partner, is being held by the EFCC.
Arjarwalla, Binance, and Gambaryan will all be charged in absentia, according to sources with direct knowledge of the case. In addition, Binance Holdings Limited, Arjarwalla, and Gambaryan have been charged by the Nigerian government for their failure to register with the Federal Inland Revenue Service and pay applicable taxes.
The Nigerian government’s campaign against individuals accused of financing terrorism and money laundering includes the extradition procedure as a key measure. The government’s commitment to fighting financial crimes and protecting the integrity of Nigeria’s financial system is shown by its cooperation with foreign law enforcement authorities and its will to bring Arjarwalla back to his home country.
How Is This Affecting Other Cryptocurrency Companies In Nigeria?
Nigeria is feeling the consequences of actions against Binance executives, with investors withdrawing from deals and partnerships, particularly in the web3 sector. They mention Nigeria’s perceived lack of safety for business and government hostility, citing the Binance case as evidence, according to Lucky Uwakwe, the chairman of Nigeria’s Blockchain Industry Coordinating Committee (BICCoN).
In a recent interview, Uwakwe, head of Nigeria’s intercommunity working group involving Blockchain Nigeria User Group (BNUG), Cryptography Development Initiative of Nigeria (CDIN), and Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), expressed investors’ concerns.
According to Uwakwe, investors worry about potential repercussions similar to Binance’s fate when investing in local Web3 companies. He pointed out that already invested parties are gradually divesting.
You Might Also Like: Are NFTs Dead or We Await A Resurrection?
Which Crypto Exchanges Are Nigerians Using?
Some experts think that if Binance leaves, it could actually help local exchanges in Nigeria grow. These exchanges might offer similar things to Binance, so Nigerians could still trade crypto. Local Crypto Echanges like Zap, Furex, and Quidax are been mentioned as likely to become favorite in the local league.
Let’s Look at Quidax
According to TechCabal, Quidax is a Nigerian exchange that’s getting popular fast. It was made by Nigerians, who knew the problems Nigerian traders faced. They’ve been working in Nigeria’s crypto market for five years, making it safer and easier for people to invest.
Quidax also works with regulators to make sure everything is legal and safe for customers.
What Is Zap?
Zap is a Nigerian cryptocurrency brand revolutionizing the digital finance landscape by offering instant crypto-to-fiat exchange, lightning-fast payouts, and competitive rates, empowering users with seamless access to their funds and simplifying transactions for both beginners and experienced traders. With its user-centric approach, Zap aims to redefine how Nigerians engage with cryptocurrency, providing a reliable and accessible platform that prioritizes convenience and value for its users.
And Furex?
Fure Eviosekwofa is the Founder and CEO of FUREX Technologies. set out with a clear mission with Furex to revolutionize finance through crypto and blockchain solutions. He is dedicated to making financial services accessible to all, regardless of their location or financial background with Furex. Through it’s user-friendly platforms, Furex is driving financial inclusion by empowering individuals to buy, sell, send, and receive digital assets with ease.
What This Means
Running a Bitcoin business in Nigeria isn’t easy, but Quidax, Zap and Furex are showing it’s possible. They understand the rules and challenges in Nigeria and are helping people trade crypto without trouble.
