Nigerian EFCC Sues FBI and Partners Binance to Arrest Fugitive Executive
Nigeria’s financial crime agency files lawsuit binance and two executives were arrested in the country on money laundering charges. According to local media sources, the Economic and Financial Crimes Commission (EFCC) has criticized the exchange in a new case that further deepens the regulatory saga.
The EFCC has taken over the case from the office of the National Security Adviser (NSA) and will prosecute both executives. This follows an earlier case filed by the Federal Internal Revenue Service (FIRS) bordering on tax evasion.
Prosecutors Criticize Binance with Five Accusations
According to the report, a lawsuit was filed against Binance and two of its executives on charges of money laundering worth $35.4 million, and an arrest warrant was also issued for the person who escaped. Nadeem Anjarwalla. The EFCC filed a total of five charges against the defendants. Specifically, prosecutors allege that the exchange operated without a valid license, in violation of the Banks and Other Financial Institutions Act.
Additionally, the EFCC alleged that Binance used its virtual platform to negotiate exchange rates in the country, citing the Foreign Exchange Act. Regarding the money laundering charges, prosecutors alleged that Binance and its executives conspired to conceal $35,400,000 in proceeds from illegal activities.
Efforts to Catch the Fugitive Manager
Nigerian authorities have stepped up efforts to arrest Anjarwalla through a court order and partnerships with foreign agencies. The EFCC is working with the Federal Bureau of Investigation (FBI) and the International Criminal Police Organization (Interpol) to arrest and extradite the Binance executive.
Meanwhile, Binance confirmed that the administrator is no longer under federal supervision as the regulatory debacle continues. On March 28, Coingape reported the following moves: Tigran Gambaryan A few weeks later, he filed a lawsuit against the NSA and the EFCC over his unlawful detention. He demanded from the court his immediate release, the return of his passport, measures to prevent his further arrest and a public apology.
The cryptocurrency community has also expressed concern over his continued detention, demanding authorities reduce harsh regulatory enforcement against the industry.
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