Amidst mounting tensions, Nigerian authorities have escalated their legal actions against Binance, the global cryptocurrency exchange, while their detained U.S.-based executive, Tigran Gambaryan, remains in custody within the country's borders.

According to a recent report by The Wall Street Journal on April 3, Nigeria has introduced additional charges against Binance despite the exchange's efforts to engage in dialogue with local regulators. The situation unfolded after Nigerian authorities implicated the crypto platform in the devaluation of the country's fiat currency, the naira, back in February 2024.

Bayo Onanuga, the presidential adviser on information and strategy, even hinted at the possibility of banning platforms like Binance within Nigeria. Responding to the potential ban, senior Binance executives, including Gambaryan and Nadeem Anjarwalla, journeyed to Nigeria in an attempt to establish communication with local authorities. However, their efforts were thwarted as both executives were detained, despite Binance's swift actions such as the delisting of all naira transactions and the cessation of peer-to-peer naira transactions earlier in the year.

The recent report by WSJ comes at a crucial juncture, as Binance issues a fresh statement urging Nigerian authorities to release Gambaryan. The exchange maintains that Gambaryan, holding decision-making authority within the company, should not be held liable while discussions between Binance and Nigerian government officials are ongoing.

While Gambaryan remains detained in Nigeria, reports have surfaced indicating that Anjarwalla, another co-accused Binance executive, managed to flee the country using a fake passport in March. Allegedly, Anjarwalla escaped custody on March 22, purportedly using a ruse during a visit to a nearby mosque for prayers.

Nigeria's Economic Financial Crime Commission (EFCC) is reportedly preparing to charge Gambaryan and Anjarwalla with five counts of money laundering involving over $35.4 million on April 4, according to local online newspaper Nairametrics. Gambaryan and Anjarwalla are listed as the first to third defendants, respectively, with the EFCC planning to arraign Anjarwalla in absentia. Justice Emeka Nwite of the Federal High Court in Abuja is slated to preside over the arraignment of Gambaryan, Anjarwalla, and Binance.