Crypto exchange platform, Binance has disclosed that it was informed that one of its executive, Nadeem Anjarwallawho was detained in Nigeria for tax e
Crypto exchange platform, Binance has disclosed that it was informed that one of its executive, Nadeem Anjarwallawho was detained in Nigeria for tax evasion was no longer in custody.
When asked about specific details of his whereabouts, Binance said it is only concerned about the safety of its employees.
“We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,” a Binance spokesperson said.
The Nigerian government had, in the past three months, been cracking down on suspected money launderers and terrorism financiers, some of whom it alleged are using the Binance platform for criminal activities
The Nigerian government said over $21.6 billion was traded by Nigerians whose identities were concealed by Binance. The government also claimed its investigations revealed that unscrupulous elements were using Binance for money laundering, terrorist financing, currency speculation and market manipulation, distorting the Nigerian economy and weakening the Naira against other currencies.
The detention of Binance officials in Nigeria began months after the crypto exchange platform pleaded guilty and agreed to pay $4.3 billion to settle criminal money laundering charges levied by the US Department of Justice.
Binance founder and CEO Changpeng Zhao, also known as CZ, pleaded guilty and agreed to resign. His criminal trial has been postponed to 30 April by a US court.
On Monday, the federal government of Nigeria also initiated criminal proceedings against Binance.
Among the charges levelled against Binance are allegations of non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform. The government also alleged that Binance failed to register with the Federal Inland Revenue Service (FIRS) for tax purposes and contravened existing tax regulations in the country.
