Revised:

By Anne Soy & Nkechi Ogbonna
BBC News, Nairobi & Lagos

It has been reported that Nadeem Anjarwalla, a Binance executive who was detained in Nigeria last month, is no longer in custody. Anjarwalla, a British-Kenyan dual national, was arrested along with his colleague Tigran Gambaryan, a US citizen, in February while attending meetings in Abuja. The Nigerian authorities had invited them to discuss allegations of wrongdoing by Binance.

Following their arrest, the Economic and Financial Crimes Commission (EFCC) requested a 14-day detention period, which was granted by the court. However, it has been reported that their continued detention was not authorized by the court. Anjarwalla’s whereabouts were unknown after his British passport was confiscated, but he has since left Nigeria by lawful means.

Binance, a cryptocurrency firm, has not commented on the accusations it is facing. The company stated that their primary focus remains on the safety of their employees and they are working with Nigerian authorities to resolve the issue.

In addition, the Nigerian authorities have filed tax evasion charges against Binance at the High Court in Abuja. Anjarwalla has been named among the respondents in these charges. The Federal Inland Revenue Service is accusing the company of non-payment of taxes and aiding customers in tax evasion through their platform.

Last month, the Nigerian government clamped down on cryptocurrency firms, alleging that they were being used for money laundering and financing terrorism. The central bank claimed that over $26 billion worth of transactions had passed through Binance with untraceable sources. Binance, one of the most popular cryptocurrency platforms in Nigeria, was also ordered to pay a fine of $10 billion.

Africa’s largest economy is currently facing an economic crisis, exacerbated by the weakening of the local currency and high inflation rates.