In Nigeria, two executive officers of Binance, the world's largest cryptocurrency platform, were detained, and their passports were confiscated.

An official from Binance, the largest cryptocurrency exchange platform, reportedly fled custody in Nigeria, according to officials.

Nadeem Anjarwalla, one of Binance's senior executives, was among two detained earlier this month as Nigeria intensifies its scrutiny of cryptocurrency exchanges amidst a significant currency decline.

The office of Nigeria's National Security Adviser stated in a Monday statement that Nadeem Anjarwalla, a suspect in the ongoing criminal investigation of Binance's activities in Nigeria, had escaped from lawful custody on Friday, March 22, 2024.

"Nigeria's security agencies are collaborating with Interpol to secure an international arrest warrant for the suspect," stated Zakari Mijinyawa, head of the Strategic Communication Office of the National Security Adviser.

Anjarwalla, Binance’s Africa regional manager, and Tigran Gambaryan, responsible for financial crime compliance, arrived in Nigeria earlier this month following the country's decision to ban several cryptocurrency trading websites. Upon arrival, they were detained by the office of the country's national security adviser, and their passports were seized.

"Preliminary investigation indicates that Mr. Anjarwalla fled Nigeria using a smuggled passport," stated the official statement.

Binance acknowledged that Anjarwalla was no longer in Nigerian custody and stated that the company was cooperating with authorities to address the matter, according to a report by Reuters news agency.

Authorities stated that the Nigerian government has been investigating the firm's executives for "money laundering and terrorism financing transactions perpetrated on the Binance currency exchange platform."

"Until his escape, Nadeem Anjarwalla, holding British and Kenyan nationalities and serving as Binance’s Africa regional manager, was undergoing trial in Nigerian courts. The suspect absconded while under a 14-day remand order by a court in Nigeria."

The Binance executives were slated to appear before a court again on April 4, 2024.

The arrest of the Binance executives coincided with several cryptocurrency websites becoming popular platforms for trading the Nigerian currency, which has been plagued by chronic dollar shortages.

The severe dollar shortages in Africa's largest economy have caused its currency, the naira, to plummet to record lows after foreign investors withdrew. However, the currency has shown signs of recovery in recent weeks.