Binance Executives Detained in Nigeria to Remain in Custody Until March 20th

On March 13, 2024, a court session was held in Nigeria regarding the case of Binance and its executives. According to the court's decision, the detained individuals will remain in custody until March 20th. Binance employees have been held in the country since the end of February 2024.

The hearing on March 13, 2024, in Nigeria addressed the case involving Binance and two of its top managers, Tigran Gambaryan and Nadeem Ajarwalla. The court ruled that they would stay under arrest until the next session scheduled for March 20th, as reported by WSJ.

It's worth noting that Binance staff have been detained in Nigeria since the end of February 2024. Gambaryan serves as the head of the company's financial crimes department, while Ajarwalla holds the position of regional head for East and West Africa.

According to Wired, Gambaryan and Ajarwalla arrived in Abuja on February 25, 2024. They were invited by local authorities to discuss the exchange's operations within the country.

Following the meeting, the employees were transported to a hotel and then moved to a house under the supervision of the Nigerian National Security Agency. Both subjects have not been charged or given a reason for their detention, WSJ added.

The publication managed to contact the families of the detained top managers, who commented on the situation:

"It's hard to keep hope when, after 17 days, we are no closer to knowing when Nadeem and Tigran will be released. We urge the Nigerian authorities to release them immediately."

A Binance representative stated that the company is doing everything possible to bring its employees home. Meanwhile, the platform denied some media claims that Binance faces a $10 billion fine.

Previously, the crypto exchange was accused of devaluing the Naira through speculation and fixing its rate. Moreover, Nigeria demanded Binance provide a six-month transaction history.