A Nigerian court has dismissed a fundamental rights enforcement lawsuit filed by Nadeem Anjarwalla, Binance's executive, the local media publication Vanguard reported. This turn of events occurred following Anjarwalla’s escape from lawful custody to Kenya. The case involves claims against the National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC).

Tax Evasion and Money Laundering Charges

Nadeem Anjarwalla, Binance's Africa Regional Manager, and his colleague Tigran Gambaryan filed lawsuits seeking their release from detention by the NSA and EFCC. The duo was arrested in Nigeria to face tax evasion and money laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term charges, and their suits were brought before Justice Inyang Ekwo of the Federal High Court of Abuja.

In March, during a court session, Anjarwalla's representative reportedly requested permission to withdraw his appearance. Justice Ekwo granted this request, adjourning the matter for further mention. However, on the scheduled date, no legal representative appeared on behalf of Anjarwalla, leading to the dismissal of the case.

Justice Ekwo emphasized the lack of diligent prosecution as the primary reason for dismissing the suit. He noted the absence of legal representation for Anjarwalla, which undermined the progress of the matter.

Developments in Court

The situation took a new turn when Anjarwalla escaped from lawful custody on March 22, reportedly fleeing to Kenya. This escape complicated the legal proceedings and brought additional scrutiny to the actions of the NSA and EFCC. Given the unresolved status of his detention and subsequent flight, Anjarwalla’s escape likely influenced the court’s decision.

Most recently, Nigeria dropped tax evasion charges against the embattled Binance executives following the crypto exchange's appointment of a local representative to handle legal proceedings. The crypto exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term clarified that Gambaryan's role did not involve decision-making for the company, suggesting his detention was unnecessary for resolving issues with the Nigerian government.

US lawmakers had accused Nigeria of holding the executive hostage and urged President Joe Biden to intervene and secure their release. The congressmen said that the charges against the detained executive were baseless and a tactic of coercion by the Nigerian government to extort Binance.