Efe Nail Saltık 
February 20: Binance‘s Nigerian User encountered issues trading USDT to naira on the P2P platform. In response, Binance restricted Tether purchases to naira, disabling the “Buy” option and pegging 1,802 naira to USD, citing fraud prevention.
Interesting topic: Coinbase and Ripple Cite Binance Ruling in SEC Cases
– February: Nigerian corporate blocked access to major crypto exchanges, including Binance, over currency manipulation and money laundering concerns, prompting Binance shares Nadeem Anjarwalla and Tigran Gambaryan to meet in Abuja. A National Security Advisory investigation was launched.
Escalation and Age Developments
– March 18: The Economic and Financial Crimes Commission (EFCC) issued a court order requiring Binance to disclose details of the attack due to money laundering and terrorism financing concerns. Forex manipulation contributed to the collapse of the naira, an inter-agency committee claims.
– March 19: Nadeem Anjarwalla escaped from custody using his Kenyan passport during Ramadan prayers. The Federal Revenue Service (FIRS) has initiated a penalty against Binance for tax non-compliance in Nigeria.
– April 8: EFCC charges Gambaryan with a total of 34 million articles for money laundering, foreign exchange speculation and tax evasion. Gambaryan’s request to annul Binance’s representation in court was rejected, and as a result, he was transferred to Kuje Prison.
Ongoing Detention and International Intervention
– May 7: Binance CEO Richard Teng expressed concern over Gambaryan’s prolonged detention despite Binance’s cooperation. Allegations are emerging that a well-known Nigerian official announced a 150 million-odd crypto payment request that Binance interpreted as a bribe. Rabiu Ibrahim, an official at the Nigerian Ministry of Information, rejects these bribery allegations as false and misleading.
June 4: At two US hearings, he persuaded President Biden to secure Gambaryan’s release by making false accusations aimed at coercing Binance. Nigeria’s Minister of Information defended the legal process, noting Binance’s significant profits from its Nigerian operations.
Industry Concerns and Legal Proceedings
– June 14: FIRS drops charges against Gambaryan and Anjarwalla, focusing solely on Binance through local administrator. This decision now saves Gambaryan from going to trial. The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) warns of the adverse effects of the legal dispute on the blockchain industry and advocates for a fair trial to restore confidence in the recession.
July 2: Judge Nwite at Kuje Prison Center expected to release Gambaryan’s medical records due to health issues. Gambaryan, a US citizen, receives limited treatment assistance despite his long-term stay. The court concluded the first witness interrogation in the case filed by EFCC against Binance and Gambaryan and postponed the trial to July 5.
Current status
– July 5: Nigerian prosecutors continue the case against Tigran Gambaryan. The situation of the Binance executive, who has been detained by the EFCC since February, continues; Significant legal battles and international attention have focused on his case.
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