The Economic and Financial Crimes Commission (EFCC) has identified a new financial scheme more concerning than the Binance cryptocurrency platform, according to its chairman, Ola Olukoyede.
To protect the foreign exchange market, the agency has frozen approximately 300 accounts. The scheme, known as “P to P” peer-to-peer financial trading, operates outside official banking channels and posed a significant threat to the value of the Nigerian Naira.
“There are individuals in this country who are engaging in activities that are even more detrimental than Binance,” Olukoyede stated, revealing that over $15 billion had been transacted through one such platform in the past year, circumventing financial regulations.
**Arrest of Binance Executive in Kenya**
Meanwhile, police authorities in Kenya have reportedly detained Nadeem Anjarwalla, an executive of Binance, who had fled Nigeria in recent weeks. Anjarwalla escaped custody in Nigeria following a government crackdown on the cryptocurrency platform to bolster the Naira’s value.
Nigerian authorities later traced Anjarwalla to Kenya, and multiple reports indicate he is now in police custody. Kenyan government sources have confirmed his arrest.
The EFCC, Interpol, the Nigeria Police Force, and the Kenyan Police Service have been collaborating to extradite Anjarwalla since his escape from Nigeria.
**Government Crackdown on Binance**
The EFCC has been pursuing the prosecution of Binance executives, including Anjarwalla, on charges of tax evasion, currency speculation, and money laundering amounting to $35,400,000.
Tigran Gambaryan, another Binance executive, is currently in EFCC custody, while Anjarwalla’s extradition is underway. The EFCC is collaborating with international law enforcement agencies, including Interpol and the FBI, to apprehend Anjarwalla.
Anjarwalla, who holds British and Kenyan citizenship and served as Binance’s Africa Regional Manager, was facing trial in Nigerian courts before his escape. He was remanded in custody for 14 days and was scheduled to appear in court again on April 4, 2024.
In recent months, the Nigerian government has intensified its crackdown on Binance, with the Central Bank of Nigeria (CBN) alleging that over $26 billion had been illegally channeled through the platform.
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