Two key figures from Binance, one of the world’s largest cryptocurrency exchanges, are being held in Nigeria amidst escalating tensions between the government and the crypto industry.

Detention and Passport Confiscation

Tigran Gambaryan and Nadeem Anjarwalla, both integral members of Binance, find themselves detained in Nigeria until March 20, as per a recent ruling by the courts. Their passports have been confiscated, and they are confined to a government facility in Abuja, the capital.

Accusations and Unspecified Charges

The detention of Gambaryan and Anjarwalla stems from accusations by the Nigerian government, alleging that Binance’s operations have negatively impacted the country’s currency, the naira. Despite being summoned for discussions with officials and regulators, the executives have not been formally charged with any crimes and are unaware of the reasons behind their detainment.

Nigeria’s Currency Crisis Deepens

The situation in Nigeria has worsened, with the naira hitting record lows of 1,607 to $1, representing a staggering 200% depreciation over the past year. Economic instability, exacerbated by soaring inflation and monetary policies, has plunged many Nigerians into one of the country’s most severe financial crises in recent memory, triggering widespread protests.

Also Read: Binance Announces Departure from Nigerian Market, Ceases NGN Services

Binance Executives Families Express Concern

The families of Gambaryan and Anjarwalla are deeply troubled by the lack of clarity surrounding the situation. Despite diplomatic interventions from the US State Department and the UK foreign office, the executives have been unable to communicate privately due to the presence of Nigerian government personnel during these interactions.

Global Ripple Effects

The detention of Binance executives in Nigeria underscores the growing tensions between governments and the cryptocurrency industry worldwide. It highlights the challenges faced by crypto firms operating in regulatory grey areas and the potential impact on individuals caught in the crossfire.