The Economic and Financial Crimes Commission (EFCC) has approached an Abuja Federal High Court requesting it to extend the detention of two Binance executives, who were taken into custody during the nationwide cryptocurrency clampdown.
The EFCC’s request follows the expiration of the initial detention warrant, according to sources familiar with the matter.
Binance executives Tigran Gambaryan, an American who is the head of financial crime compliance, and Nadeem Anjarwalla, a British Kenyan serving as the regional manager for Africa, were in Nigeria following the country’s ban on cryptocurrency trading sites.
The government had accused the peer-to-peer trading platform of usurping the role of the Central Bank and unilaterally fixing the foreign exchange rate.
They were taken into custody on February 26 upon arrival but it is unclear what the government is charging them with.
The government had previously slammed a $10 billion fine on the firm. Earlier this week, it was reported that the government had requested some information from the firm which had already announced it’s Nigeria exit and removed the naira from its platform.
Reuters reported that court filings revealed that the EFCC secured an order permitting the detention of the duo for two weeks to assist with their inquiries.
Although the detention order expired on Tuesday, the individuals remain in custody because the EFCC has petitioned a chief magistrate’s court in Abuja for an extension to continue their investigation.
The two executives’ lawyers say there are no grounds for keeping them in detention, the person added. Another person close to the men’s families said a hearing was set for March 20 when the court can either dismiss or grant the extension request on the same day or later.
