Amidst escalating tensions, Nigerian authorities have brought forth additional charges against Binance, prompting the exchange to issue a plea for the release of its detained U.S. executive, Tigran Gambaryan.

The troubled global cryptocurrency exchange, Binance, continues to face challenges in Nigeria as its American-based executive, Tigran Gambaryan, remains in custody in the country.

Despite Binance's efforts to engage in dialogue with local regulators, Nigeria has pressed forward with more charges against the exchange, as reported by The Wall Street Journal on April 3rd.

Binance has been actively collaborating with Nigerian authorities since accusations were made by local regulators, attributing the crash of the country's fiat currency, the naira, to the crypto exchange back in February 2024.

In response to the threat of a potential ban on platforms like Binance, two senior executives, including Gambaryan and Nadeem Anjarwalla, traveled to Nigeria in an attempt to initiate discussions with local authorities.

However, both individuals were detained, despite Binance's swift action in delisting all naira transactions and suspending peer-to-peer naira transactions back in February.

The emergence of new charges against Binance, as reported by The Wall Street Journal, coincides with the release of a statement by the exchange, urging Nigerian authorities to release Gambaryan.

Binance argued that Gambaryan holds a significant position with decision-making power within the company and should not be held liable while ongoing discussions between Binance and Nigerian government officials are underway.

While Gambaryan remains detained, Anjarwalla, another Binance executive facing accusations, reportedly managed to flee the country using a fake passport in March.

According to local reports, Anjarwalla escaped detention on March 22nd, after being taken to a nearby mosque for prayers.

The Economic Financial Crime Commission (EFCC), Nigeria's law enforcement authority, is reportedly preparing to charge Gambaryan and Anjarwalla with five counts of money laundering totaling over $35.4 million on April 4th, as reported by local online newspaper Nairametrics on April 2nd.

Gambaryan and Anjarwalla are listed as the first and third defendants respectively, with the EFCC planning to arraign Anjarwalla in absentia.

Justice Emeka Nwite of the Federal High Court in Abuja is expected to preside over the arraignment of Gambaryan, Anjarwalla, and Binance.