A Binance executive is reportedly on the run after escaping police custody in Nigeria. The executive, who serves as the cryptocurrency exchange's regional manager for Africa, managed to flee the country on a Middle-Eastern airline after breaking out of custody in Abuja.
The incident occurred when the executive was taken to a mosque in Abuja to pray, where he managed to escape from the guards. The company has confirmed that the executive is no longer in Nigerian custody and is focused on ensuring the safety of its employees. Binance is working closely with Nigerian authorities to resolve the situation swiftly.
Nigerian officials have not yet provided a response to the incident. However, a presidential spokesman confirmed that the executive had indeed escaped custody. The executive, along with another Binance executive, had been detained during a visit to Nigeria in February and had been held in a guarded house since then.
Following the escape, Nigeria's Federal Inland Revenue Service announced that it was charging Binance and the executives with tax evasion. Nigeria has seen a significant rise in crypto adoption, ranking second globally. In response, the country has begun cracking down on exchanges, instructing local telecoms companies to restrict access to major platforms like Binance, Coinbase, and Kraken.
The crackdown is part of efforts to stabilize the naira, which has experienced a 70% devaluation against the US dollar in the past year. This devaluation, coupled with rising inflation at 32%, has been attributed to younger Nigerians turning to alternative assets like bitcoin for storing their wealth.
