In a significant development, Nigerian authorities have located Nadim Ijaz, a top executive of the global cryptocurrency exchange Binance, who had reportedly fled to Kenya. According to local media reports, Ijaz is currently in hiding in Kenya after escaping custody in Nigeria. The Economic and Financial Crimes Commission of Nigeria, along with Interpol and the local police, are engaged in discussions with Kenyan authorities regarding Ijaz's extradition to face charges in Nigeria.
The fugitive executive, who holds a Kenyan passport, successfully evaded Nigerian law enforcement agencies, which has led to a high-profile chase across national borders. Ijaz, who also serves as the regional head for Binance in Eastern and Western Africa, is accused of being involved in laundering approximately $35.4 million.
This case has drawn international attention, highlighting the complex challenges associated with regulating cryptocurrency exchanges and tracking the flow of digital assets across borders. Ijaz's colleague, Tigran Gambaryan, was arrested last week in Abuja, Nigeria. While Gambaryan has denied any personal responsibility for the alleged illegal activities, asserting that his arrest is unlawful, the Nigerian authorities are pressing charges against both executives for their roles in the operations of Binance.
The saga began when both Ijaz and Gambaryan were detained by Nigerian authorities in late February 2024 after being invited to discuss the exchange’s activities in the region. Following the initial meeting, they were placed under surveillance by the National Security Agency of Nigeria.
The situation has caused considerable unrest among investors, with Lucky Uwakwe, the chairman of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), expressing concerns over the potential fallout from the legal proceedings against Binance. Uwakwe noted that the government's hostile stance towards the cryptocurrency exchange and the broader industry is leading to a withdrawal from several transactions and partnerships.
In the meantime, Nigerian authorities have also accused Binance of contributing to the devaluation of the local currency, the Naira, and have demanded detailed transaction records from the platform for the past six months as part of their investigation.
This case underscores the ongoing global debate over cryptocurrency regulation and the need for international cooperation to oversee these digital platforms effectively. The outcome of this extradition request could have significant implications for the legal frameworks governing cryptocurrency operations worldwide.
