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Fleeing Binance executive Nadeem Arjarwalla is reportedly traced to Kenya following his escape from custody. A new report from local media outlet Punch says the Nigerian Government has traced the Binance executive with steps taken towards extradition.
According to the report, sources within the Presidency disclosed that Arjarwalla went into hiding once he arrived in Kenya but his cover has been blown. This could open another chapter in the whole saga as the country looks to extradite the Binance executive.
Arjarwalla was detained alongside another Binance executive after a meeting held with the Nigerian government over Binance’s regulatory woes in the country.
“We have found him. We know where he is. He is in Kenya, and we’re working with the authorities to bring him back to Nigeria.”
Possible Extradition for Arjarwalla
The Nigerian government is now collaborating with international security agencies like Interpol and the Kenyan Police to bring Arjarwalla to the country to face charges leveled against him.
“All hands are on the deck. The government and all the security agencies are working hard in conjunction with the Kenyan authorities and INTERPOL, to ensure his return to Nigeria to face the charges brought against him,” the source added.
According to the report, other sources also claimed the Nigerian government was working to extradite Arjarwalla.
Binance Executive Pleads Not Guilty
The Nigerian government accused Binance of facilitating trades through its P2P platform leading to the fall of the local currency. Binance executives Arjarwalla and Tigran Gambaryan were arrested in February despite a backlash from the cryptocurrency industry.
The county’s Economic and Financial Crime Commission (EFCC) took over the investigation from the National Security Adviser (NSA). The anti-graft agency slammed the exchange and its two executives with five counts bordering on money laundering.
While Arjarwalla remains out of the country, Gambaryan pleaded not guilty to charges with his wife and other supporters calling for his release after several weeks in detention. Meanwhile, Binance has deactivated its naira P2P service following a probe by the government.
Also Read: Mainland Chinese Cannot Buy HK Bitcoin ETFs, Issuers Clarify
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin enthusiasts remain in delight following renewed institutional investment in the cryptocurrency market. The bullish action has led to an upward price action in the market leader and an increasing adoption in several jurisdictions.
According to Google data, interest in Bitcoin post-Easter slightly surged before plummeting to levels last week. Among the leading countries for interest in the market or related searches around Bitcoin were El Salvador, Nigeria, Switzerland, and the Netherlands.
El Salvador Bitcoin Stance Is Key
Pro-Bitcoin El Salvador maintains the top spot on the list following its policies to adopt and double down on the asset. After adopting Bitcoin as a legal tender, the nation’s total holdings stand at 5,690 BTC valued at approximately $400 million. The country recently transferred assets to a cold wallet signaling a long-term holding strategy and move toward greater security.
El Salvador’s economic stance began in 2021 after Bitcoin was introduced as a legal tender with support from the cryptocurrency community. Although several critics pointed to the volatility of the cryptocurrency market, the country remained firm with eyes keen on wider economic reforms.
Nigeria’s Top African Crypto Drive
Nigeria’s youthful population is pro-crypto despite macroeconomic factors and domestic market clampdown by successive administrations. Recently, Nigeria has turned to cryptocurrencies as a hedge against inflation following the economic downturn and the crash of the naira. Bitcoin and stablecoin USDT have been top assets among the populace in the last year.
The former government banned cryptocurrency trading in the country citing investor risk amongst others. However, citizens remained determined behind blockchain technology leading to a reversal of the policy before the present crypto exchange debacle with Binance and other platforms. Last year, a CoinGecko report showed Nigeria represents 66% of crypto interest in Africa and continues to rank higher globally.
“Nigeria was previously ranked as the most crypto-curious country in the world, alongside Kenya. The West African country has frequently appeared in other global top rankings too, with strong interest in specific areas of crypto.”
Switzerland also ranks high post-Easter with an increased number after the approval of spot Bitcoin ETFs in the United States. The move sparked a surge in institutional demand for the asset globally. The European market has become more welcoming to digital assets due to the passage of the Markets in Crypto Assets (MiCA) regulation.
Read Also: Top 5 Cardano Tokens to Invest in April 2024
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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