Binance executive detained in Nigeria amid a crypto crackdown has escaped custody

KADUNA, Nigeria — An executive of cryptocurrency exchange Binance has escaped custody in Nigeria, where a criminal investigation has been launched against the platform accused of being used for money laundering, authorities said Monday. Nadeem Anjarwalla, the regional manager for Binance in Africa, “fled Nigeria using a smuggled passport,” the office of Nigeria’s National Security Adviser said in a statement, calling for “whatever information that can assist law enforcement agencies to apprehend the suspect.” Nigeria is Africa’s largest crypto economy in terms of trade volume with many citizens using crypto to hedge their finances against surging inflation and the declining local currency. “The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,” Zakari Mijinyawa, spokesman for the office of Nigeria’s National Security Adviser said in a statement. Nigeria’s tax agency, meanwhile, filed a four-count charge on tax evasion against the crypto exchange, accusing it also of “complicity in aiding customers to evade taxes through its platform.” “The charges further detail specific instances where Binance purportedly violated tax laws, such as failing to issue invoices for VAT purposes, thus obstructing the determination and payment of taxes by subscribers,” the local Federal Inland Revenue Service said in a statement.